JPMorgan Chase & Co. Begins Coverage on Genius Sports (NYSE:GENI)

Key Points

• JPMorgan initiated coverage of Genius Sports with an “overweight” rating and an $8.00 price target, implying approximately 38% upside from the cited $5.79 share price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and average price target of $11.25, although recommendations range from “Strong Buy” to “Sell.”
• Genius Sports’ latest quarterly revenue rose 64.7% year over year to $195.5 million, exceeding estimates, but its $0.28 per-share loss was significantly wider than expected; insiders also sold 850,000 shares over the past 90 days.

Stock analysts at JPMorgan Chase & Co. began coverage on shares of Genius Sports (NYSE:GENI - Get Free Report) in a note issued to investors on Friday, Briefing.com reports. The brokerage set an "overweight" rating and a $8.00 price target on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 38.05% from the company's current price.

A number of other research firms also recently issued reports on GENI. Needham & Company LLC lifted their price objective on shares of Genius Sports from $10.00 to $12.00 and gave the company a "buy" rating in a report on Friday, August 7th. Stifel Nicolaus boosted their price target on shares of Genius Sports from $5.00 to $7.00 and gave the stock a "hold" rating in a research report on Wednesday, July 22nd. Zacks Research cut Genius Sports from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Weiss Ratings upgraded Genius Sports from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, August 3rd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $10.50 price target on shares of Genius Sports in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $11.25.

Genius Sports Stock Performance

Shares of Genius Sports stock opened at $5.79 on Friday. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -8.52 and a beta of 1.88. The stock's 50-day moving average is $7.20 and its 200-day moving average is $5.96. Genius Sports has a one year low of $3.83 and a one year high of $13.52. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.97 and a quick ratio of 0.97.

Genius Sports (NYSE:GENI - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.21). The firm had revenue of $195.50 million for the quarter, compared to the consensus estimate of $184.43 million. Genius Sports had a negative return on equity of 23.83% and a negative net margin of 22.99%.The firm's quarterly revenue was up 64.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) earnings per share. Equities analysts predict that Genius Sports will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas Russell sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $6.51, for a total value of $325,500.00. Following the completion of the sale, the insider directly owned 471,467 shares of the company's stock, valued at $3,069,250.17. This trade represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark Locke sold 50,000 shares of Genius Sports stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $6.54, for a total value of $327,000.00. Following the transaction, the chief executive officer owned 19,375,216 shares of the company's stock, valued at $126,713,912.64. This represents a 0.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 850,000 shares of company stock valued at $5,582,049. Insiders own 16.60% of the company's stock.

Hedge Funds Weigh In On Genius Sports

Several large investors have recently modified their holdings of GENI. WINTON GROUP Ltd acquired a new stake in shares of Genius Sports during the second quarter worth $1,120,000. Corient Private Wealth LP acquired a new position in shares of Genius Sports in the second quarter valued at about $83,000. Odyssean LLC increased its position in Genius Sports by 61.3% during the second quarter. Odyssean LLC now owns 230,581 shares of the company's stock worth $1,397,000 after acquiring an additional 87,604 shares during the period. Round Rock Advisors LLC bought a new position in Genius Sports during the second quarter worth about $595,000. Finally, Ancora Advisors LLC raised its stake in Genius Sports by 201.3% in the 2nd quarter. Ancora Advisors LLC now owns 370,631 shares of the company's stock worth $2,246,000 after purchasing an additional 247,610 shares in the last quarter. 81.91% of the stock is owned by institutional investors.

About Genius Sports

Genius Sports Limited NYSE: GENI is a sports technology and data company that provides official sports data, technology, and digital services to sports leagues, federations, teams, broadcasters, sportsbooks, and brands. Its platforms help clients collect, manage, distribute, and commercialize live sports information across digital channels.

The company's offerings include live scores and statistics, data feeds for sports betting, fan-engagement tools, video streaming and content services, and advertising and sponsorship technology.

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