Q: Your thoughts on why the rapid fall lately and whether you think there could be a recovery.
Regards Jerry Gazarek
Regards Jerry Gazarek
5i Research Answer:
PRN has had a rough two weeks. Alliance reduced its price target ($14.25 to $12.75) Jan 4, and PRN released preliminary results Jan 3, with total revenue for 2023 expected to be $7.1M. 4Q revenue is expected to grow 51% to 59%, and between 10% and 16% sequentially. It also added some general business comments, nothing really extraordinary. It commenced a $20M share offering in late December and we think this is more significant in terms of explaining the decline. We think it is interesting, but high risk, and it has been a prolific issuer of new stock. But it should have news in 2024 and certainly has some potential.