Codeball's precision is 0.99. It simply means that 99% PRs that were predicted approvable by Codeball were actually approved. In layman, if Codeball says that a PR is approvable, you can be 99% sure that it is.
But recall is 48%, meaning that only 48% of actually approved PRs were predicted to be approvable. So Codeball incorrectly flagged 52% of the approvable PRs to be un-approvable, just to be safe.
So Codeball is like a strict bartender who only serves you when they are absolutely sure you're old enough. You may still be overage but Codeball's not serving you.