Genius Sports (NYSE:GENI) Stock Price Up 3.5% – What’s Next?

Genius Sports Limited (NYSE:GENI) shot up 3.5% during trading on Thursday . The company traded as high as $10.02 and last traded at $10.00. 513,122 shares traded hands during trading, a decline of 83% from the average session volume of 3,036,308 shares. The stock had previously closed at $9.66.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Genius Sports in a report on Thursday, April 17th. The Goldman Sachs Group boosted their price objective on Genius Sports from $11.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Guggenheim initiated coverage on Genius Sports in a research note on Tuesday, March 18th. They set a “buy” rating and a $12.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of Genius Sports in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genius Sports in a report on Monday, April 21st. They issued a “buy” rating and a $12.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.19.

Genius Sports Trading Down 6.6%

The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -30.57 and a beta of 1.87. The company has a fifty day simple moving average of $10.04 and a 200-day simple moving average of $9.53.

Genius Sports (NYSE:GENI) last released its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $143.99 million for the quarter, compared to the consensus estimate of $143.31 million. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. The firm’s quarterly revenue was up 20.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. As a group, analysts anticipate that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 4.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Genius Sports

A number of hedge funds have recently modified their holdings of GENI. Divisadero Street Capital Management LP raised its position in Genius Sports by 32,386.5% during the fourth quarter. Divisadero Street Capital Management LP now owns 3,551,751 shares of the company’s stock valued at $30,723,000 after buying an additional 3,540,818 shares during the period. Balyasny Asset Management L.P. purchased a new position in Genius Sports during the 4th quarter valued at about $24,712,000. The Manufacturers Life Insurance Company acquired a new position in shares of Genius Sports in the 1st quarter valued at about $28,280,000. Millennium Management LLC increased its holdings in shares of Genius Sports by 1,579.0% in the 1st quarter. Millennium Management LLC now owns 2,766,206 shares of the company’s stock valued at $27,690,000 after purchasing an additional 2,601,453 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Genius Sports by 25.4% in the first quarter. Wellington Management Group LLP now owns 10,244,434 shares of the company’s stock worth $102,547,000 after purchasing an additional 2,076,590 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.

About Genius Sports

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.