Genius Sports (NYSE:GENI) Shares Gap Up – Here’s Why

Genius Sports Limited (NYSE:GENI) shares gapped up prior to trading on Wednesday . The stock had previously closed at $9.38, but opened at $9.70. Genius Sports shares last traded at $9.82, with a volume of 979,909 shares.

Analysts Set New Price Targets

A number of brokerages have commented on GENI. Craig Hallum set a $15.00 price objective on Genius Sports in a research report on Tuesday, March 4th. The Goldman Sachs Group raised their price objective on Genius Sports from $11.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, March 5th. BTIG Research lifted their price target on Genius Sports from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft initiated coverage on Genius Sports in a research report on Monday, April 21st. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Lake Street Capital boosted their price target on Genius Sports from $10.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.19.

Genius Sports Price Performance

The firm has a 50 day simple moving average of $10.02 and a two-hundred day simple moving average of $9.53. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -32.72 and a beta of 1.87.

Genius Sports (NYSE:GENI) last released its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Genius Sports had a negative return on equity of 14.11% and a negative net margin of 15.84%. The firm had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. The company’s quarterly revenue was up 20.3% on a year-over-year basis. On average, sell-side analysts expect that Genius Sports Limited will post -0.1 earnings per share for the current fiscal year.

Genius Sports announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 4.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Quarry LP acquired a new position in Genius Sports during the first quarter valued at approximately $37,000. Pacer Advisors Inc. boosted its position in Genius Sports by 61.5% during the first quarter. Pacer Advisors Inc. now owns 3,754 shares of the company’s stock valued at $38,000 after purchasing an additional 1,430 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Genius Sports during the fourth quarter valued at approximately $58,000. IPG Investment Advisors LLC acquired a new position in Genius Sports during the first quarter valued at approximately $107,000. Finally, Park National Corp OH acquired a new position in Genius Sports during the first quarter valued at approximately $107,000. 81.91% of the stock is currently owned by institutional investors.

Genius Sports Company Profile

Genius Sports Limited engages in the development and sale of technology-led products and services to the sports, sports betting, and sports media industries. It offers technology infrastructure for the collection, integration, and distribution of live data of sports leagues; streaming solutions comprising technology, automatic production, and distribution for sports to commercialize video footage of their games; and end-to-end integrity services to sports leagues, such as full-time active monitoring technology, which uses mathematical algorithms to identify and flag suspicious betting activity in global betting markets, as well as a full suite of online and offline educational and consultancy services.