Jest is not running in react project - reactjs

Question

I am getting the following error:
Test suite failed to run
Plugin/Preset files are not allowed to export objects, only functions. In
D:\final-repo\ISGCustomerPortalClientSide\node_modules\babel-preset-react\lib\index.js
Any idea as to why Jest won't run ? I read it has something to do with babel, but I didn't manage to grasp as to why.
"devDependencies": {
"autoprefixer": "7.1.4",
"babel-cli": "6.26.0",
"babel-core": "6.26.3",
"babel-eslint": "7.2.3",
"babel-jest": "20.0.3",
"babel-loader": "7.1.1",
"babel-plugin-transform-react-constant-elements": "6.23.0",
"babel-plugin-transform-react-remove-prop-types": "0.4.6",
"babel-polyfill": "6.23.0",
"babel-preset-env": "1.7.0",
"babel-preset-react": "6.24.1",
"babel-preset-stage-1": "6.24.1",
"browser-sync": "2.26.7",
"chalk": "2.0.1",
"concurrently": "3.5.0",
"connect-history-api-fallback": "1.3.0",
"coveralls": "3.0.4",
"css-loader": "3.0.0",
"enzyme": "3.9.0",
"enzyme-adapter-react-16": "1.12.1",
"eslint": "4.2.0",
"eslint-plugin-import": "2.7.0",
"eslint-plugin-react": "7.3.0",
"eslint-watch": "5.1.2",
"extract-text-webpack-plugin": "4.0.0-beta.0",
"file-loader": "1.1.11",
"hard-source-webpack-plugin": "0.7.4",
"history": "4.6.0",
"html-webpack-plugin": "3.2.0",
"identity-obj-proxy": "3.0.0",
"jest": "24.8.0",
"jest-cli": "24.8.0",
"json-loader": "0.5.4",
"mock-local-storage": "1.0.5",
"mockdate": "2.0.1",
"node": "8.9.4",
"node-sass": "4.11.0",
"opn-cli": "3.1.0",
"postcss-loader": "2.0.6",
"prompt": "1.0.0",
"prop-types": "15.5.10",
"raf": "3.3.2",
"react-hot-loader": "4.0.1",
"react-test-renderer": "16.0.0",
"redux-immutable-state-invariant": "2.0.0",
"redux-mock-store": "1.3.0",
"replace": "1.1.0",
"rimraf": "2.6.1",
"sass-loader": "6.0.6",
"style-loader": "0.21.0",
"url-loader": "1.0.1",
"webpack": "4.6.0",
"webpack-bundle-analyzer": "3.3.2",
"webpack-dev-middleware": "3.1.3",
"webpack-hot-middleware": "2.22.1",
"webpack-md5-hash": "0.0.6"
},