Genius Sports (NYSE:GENI) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of Genius Sports (NYSE:GENI) in a report issued on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $14.00 target price on the stock.

Several other brokerages have also commented on GENI. B. Riley reaffirmed a “buy” rating on shares of Genius Sports in a research note on Wednesday, May 7th. JMP Securities set a $13.00 target price on Genius Sports and gave the company a “market outperform” rating in a report on Monday. Craig Hallum set a $15.00 price objective on shares of Genius Sports in a report on Tuesday, March 4th. Lake Street Capital upped their price target on Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Finally, Guggenheim initiated coverage on Genius Sports in a research report on Tuesday, March 18th. They issued a “buy” rating and a $12.00 price target on the stock. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.46.

Genius Sports Stock Performance

NYSE GENI opened at $10.05 on Tuesday. The stock’s fifty day moving average is $10.06 and its two-hundred day moving average is $9.57. The firm has a market capitalization of $2.16 billion, a P/E ratio of -52.89 and a beta of 1.86. Genius Sports has a fifty-two week low of $5.31 and a fifty-two week high of $11.40.

Genius Sports (NYSE:GENI) last announced its quarterly 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 net margin of 8.54% and a negative return on equity of 6.90%. The firm had revenue of $143.99 million for the quarter, compared to analysts’ expectations of $143.31 million. During the same quarter in the previous year, the company posted ($0.11) EPS. The company’s revenue was up 20.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Genius Sports will post -0.1 EPS for the current year.

Genius Sports declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Genius Sports

A number of hedge funds and other institutional investors have recently made changes to their positions in GENI. Raymond James Financial Inc. purchased a new position in Genius Sports during the 4th quarter worth approximately $12,332,000. JPMorgan Chase & Co. boosted its holdings in shares of Genius Sports by 138.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company’s stock valued at $14,264,000 after acquiring an additional 957,559 shares during the period. Nixon Capital LLC acquired a new stake in shares of Genius Sports in the fourth quarter valued at approximately $8,463,000. Allspring Global Investments Holdings LLC grew its position in shares of Genius Sports by 62.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company’s stock worth $21,683,000 after acquiring an additional 833,335 shares during the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Genius Sports in the 1st quarter valued at $518,000. Institutional investors and hedge funds own 81.91% of the company’s stock.

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.