ARK Investment Management LLC Sells 332,331 Shares of Genius Sports Limited (NYSE:GENI)

Key Points

• ARK Investment Management has reduced its stake in Genius Sports Limited by 7.6%, owning approximately 4.06 million shares worth around $40.6 million following the sale of 332,331 shares.
• Genius Sports reported a revenue of $143.99 million for the last quarter, a 20.3% increase year-over-year, and surpassed earnings estimates with a loss of only ($0.03) EPS.
• The company has authorized a $100 million share repurchase program, indicating confidence from its leadership regarding the valuation of its stock.

ARK Investment Management LLC decreased its holdings in Genius Sports Limited (NYSE:GENI - Free Report) by 7.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,058,872 shares of the company's stock after selling 332,331 shares during the quarter. ARK Investment Management LLC owned 1.89% of Genius Sports worth $40,629,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Pacer Advisors Inc. raised its stake in Genius Sports by 61.5% in the 1st quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock worth $38,000 after purchasing an additional 1,430 shares in the last quarter. Legato Capital Management LLC acquired a new stake in Genius Sports in the 1st quarter worth about $917,000. Y Intercept Hong Kong Ltd acquired a new stake in Genius Sports in the 1st quarter worth about $749,000. GW&K Investment Management LLC acquired a new stake in Genius Sports in the 1st quarter worth about $2,911,000. Finally, Victory Capital Management Inc. raised its stake in Genius Sports by 4.6% in the 1st quarter. Victory Capital Management Inc. now owns 24,854 shares of the company's stock worth $249,000 after purchasing an additional 1,085 shares in the last quarter. Institutional investors and hedge funds own 81.91% of the company's stock.

Genius Sports Stock Performance

Shares of Genius Sports stock traded down $0.10 during midday trading on Friday, hitting $10.63. 2,186,382 shares of the company traded hands, compared to its average volume of 4,195,137. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -55.93 and a beta of 1.86. The firm's fifty day moving average price is $10.09 and its 200-day moving average price is $9.78. Genius Sports Limited has a 12 month low of $5.76 and a 12 month high of $11.74.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. Genius Sports had a negative net margin of 8.54% and a negative return on equity of 6.90%. The firm's revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS. Equities research analysts forecast that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GENI. Arete began coverage on shares of Genius Sports in a research note on Wednesday, July 9th. They issued a "buy" rating and a $15.00 price objective for the company. Northland Securities began coverage on shares of Genius Sports in a research report on Friday. They issued an "outperform" rating and a $14.00 target price for the company. Benchmark restated a "buy" rating and issued a $12.00 target price on shares of Genius Sports in a research report on Thursday, April 17th. JMP Securities set a $13.00 target price on shares of Genius Sports and gave the company a "market outperform" rating in a research report on Monday, June 30th. Finally, Citigroup restated an "outperform" rating on shares of Genius Sports in a research report on Monday, June 30th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Genius Sports has a consensus rating of "Buy" and an average price target of $12.72.

Genius Sports 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.