Bank of America Corp DE Sells 597,954 Shares of Genius Sports Limited $GENI

Key Points

• Bank of America reduced its Genius Sports stake by 40.8%, selling 597,954 shares and retaining 867,448 shares valued at approximately $3.84 million. Institutional investors collectively own 81.91% of the company.
• Other major investors increased their positions, including Senvest Management, Invesco, Balyasny Asset Management and Voss Capital, indicating continued institutional interest in Genius Sports.
• Genius Sports reported 64.7% year-over-year revenue growth to $195.5 million, but missed quarterly EPS expectations and remained unprofitable. Analysts maintain a “Moderate Buy” consensus with an average price target of $11.44 versus the reported share price of $8.02.

Bank of America Corp DE cut its holdings in Genius Sports Limited (NYSE:GENI - Free Report) by 40.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 867,448 shares of the company's stock after selling 597,954 shares during the period. Bank of America Corp DE owned 0.35% of Genius Sports worth $3,843,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. TimesSquare Capital Management LLC bought a new position in Genius Sports during the fourth quarter valued at approximately $59,851,000. Senvest Management LLC lifted its position in Genius Sports by 45.1% during the first quarter. Senvest Management LLC now owns 13,653,724 shares of the company's stock valued at $60,486,000 after purchasing an additional 4,243,157 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Genius Sports by 3,584.2% in the 2nd quarter. Invesco Ltd. now owns 3,291,635 shares of the company's stock valued at $34,233,000 after acquiring an additional 3,202,290 shares during the last quarter. Balyasny Asset Management L.P. grew its position in Genius Sports by 785.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,289,270 shares of the company's stock worth $36,248,000 after acquiring an additional 2,917,830 shares in the last quarter. Finally, Voss Capital LP increased its stake in Genius Sports by 35.4% during the fourth quarter. Voss Capital LP now owns 11,100,000 shares of the company's stock worth $122,322,000 after acquiring an additional 2,900,000 shares during the last quarter. 81.91% of the stock is currently owned by institutional investors.

Genius Sports Price Performance

Shares of GENI stock opened at $8.02 on Friday. Genius Sports Limited has a twelve month low of $3.83 and a twelve month high of $13.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.10. The stock has a fifty day simple moving average of $7.00 and a two-hundred day simple moving average of $5.87. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of -11.79 and a beta of 1.90.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Genius Sports in a research report on Monday, May 11th. They set a "buy" rating and a $10.00 price objective on the stock. Oppenheimer raised their target price on shares of Genius Sports from $10.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. BTIG Research lifted their price target on shares of Genius Sports from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Genius Sports from a "sell" rating to a "strong sell" rating in a report on Tuesday, August 11th. Finally, Roth Capital reissued a "buy" rating and set a $12.00 price target on shares of Genius Sports in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.44.

Genius Sports Profile

Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information.

The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences.

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