B. Riley Raises Genius Sports (NYSE:GENI) Price Target to $14.00

Key Points

• B. Riley has raised the price target for Genius Sports (GENI) from $13.00 to $14.00, indicating a potential upside of 17.01% based on the current stock price.
• Genius Sports reported a 24.4% year-over-year revenue increase for the quarter, although it missed earnings expectations with ($0.21) EPS.
• The company announced a stock buyback program of $100 million, reflecting confidence from its board that shares may be undervalued.

Genius Sports (NYSE:GENI - Get Free Report) had its price target raised by equities research analysts at B. Riley from $13.00 to $14.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley's price objective suggests a potential upside of 17.01% from the company's current price.

Several other equities research analysts also recently weighed in on the stock. Arete Research raised shares of Genius Sports to a "strong-buy" rating in a research note on Wednesday, July 9th. Benchmark increased their target price on shares of Genius Sports from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Thursday. BTIG Research upped their price target on shares of Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, April 22nd. Northland Securities initiated coverage on shares of Genius Sports in a research note on Friday, July 25th. They issued an "outperform" rating and a $14.00 target price on the stock. Finally, Needham & Company LLC lifted their price objective on shares of Genius Sports from $13.00 to $16.00 and gave the stock a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $13.41.

Genius Sports Trading Up 2.5%

Shares of Genius Sports stock traded up $0.30 during midday trading on Thursday, reaching $11.97. The company had a trading volume of 2,998,392 shares, compared to its average volume of 4,225,633. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -63.24 and a beta of 1.86. The stock has a fifty day simple moving average of $10.31 and a 200 day simple moving average of $9.91. Genius Sports has a 1-year low of $6.37 and a 1-year high of $12.45.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.17). The firm had revenue of $118.72 million during the quarter, compared to analyst estimates of $118.28 million. Genius Sports had a negative net margin of 8.54% and a negative return on equity of 6.90%. Genius Sports's quarterly revenue was up 24.4% on a year-over-year basis. During the same period last year, the firm earned ($0.09) EPS. Sell-side analysts expect that Genius Sports will post -0.1 earnings per share for the current year.

Genius Sports announced that its board has approved a stock buyback program on Tuesday, May 6th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Genius Sports

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of Genius Sports by 138.5% during 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. Allspring Global Investments Holdings LLC increased its holdings in shares of Genius Sports by 62.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company's stock valued at $21,683,000 after purchasing an additional 833,335 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Genius Sports by 67.0% in the 1st quarter. D.A. Davidson & CO. now owns 89,551 shares of the company's stock valued at $896,000 after purchasing an additional 35,943 shares during the period. Greenwood Capital Associates LLC acquired a new position in shares of Genius Sports in the 1st quarter valued at about $518,000. Finally, IFC Advisors LLC grew its stake in shares of Genius Sports by 6.8% in the 1st quarter. IFC Advisors LLC now owns 2,735,155 shares of the company's stock valued at $27,379,000 after buying an additional 173,171 shares in the last quarter. 81.91% of the stock is currently owned by hedge funds and other 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.

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