Envestnet Asset Management Inc. Grows Stock Holdings in Genius Sports Limited (NYSE:GENI)

Key Points

• Envestnet Asset Management Inc. increased its holdings in Genius Sports Limited by 194.9%, owning 48,904 shares valued at $490,000 after purchasing an additional 32,322 shares in Q1.
• Genius Sports announced a $100 million share repurchase program, suggesting that the company's leadership believes its stock is undervalued.
• In its latest earnings report, Genius Sports beat estimates with a revenue of $143.99 million and an EPS of -$0.03, showing a 20.3% year-over-year increase in revenue.

Envestnet Asset Management Inc. raised its position in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 194.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,904 shares of the company's stock after purchasing an additional 32,322 shares during the period. Envestnet Asset Management Inc.'s holdings in Genius Sports were worth $490,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GENI. Emerald Mutual Fund Advisers Trust bought a new position in shares of Genius Sports during the fourth quarter valued at about $58,000. Park National Corp OH bought a new position in shares of Genius Sports during the first quarter valued at about $107,000. Bayesian Capital Management LP bought a new position in shares of Genius Sports during the fourth quarter valued at about $129,000. ProShare Advisors LLC grew its stake in shares of Genius Sports by 19.4% during the fourth quarter. ProShare Advisors LLC now owns 17,132 shares of the company's stock valued at $148,000 after buying an additional 2,787 shares during the last quarter. Finally, Arete Wealth Advisors LLC grew its stake in shares of Genius Sports by 29.5% during the fourth quarter. Arete Wealth Advisors LLC now owns 18,900 shares of the company's stock valued at $163,000 after buying an additional 4,300 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company's stock.

Genius Sports Stock Performance

Genius Sports stock opened at $12.34 on Wednesday. The stock's 50 day simple moving average is $10.28 and its two-hundred day simple moving average is $9.90. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -64.95 and a beta of 1.86. Genius Sports Limited has a fifty-two week low of $5.95 and a fifty-two week high of $12.44.

Genius Sports (NYSE:GENI - Get Free Report) last posted its quarterly earnings data 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 return on equity of 6.90% and a negative net margin of 8.54%. The business had revenue of $143.99 million for the quarter, compared to analysts' expectations of $143.31 million. During the same period in the previous year, the firm posted ($0.11) EPS. The business's revenue was up 20.3% on a year-over-year basis. On average, analysts predict that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its Board of Directors has approved a share repurchase program on Tuesday, May 6th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Arete assumed coverage on Genius Sports in a research note on Wednesday, July 9th. They set a "buy" rating and a $15.00 price objective on the stock. Benchmark reissued a "buy" rating and issued a $12.00 target price on shares of Genius Sports in a research note on Thursday, April 17th. Northland Securities assumed coverage on Genius Sports in a research note on Friday, July 25th. They issued an "outperform" rating and a $14.00 target price on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Genius Sports in a research note on Monday, April 21st. They issued a "buy" rating and a $12.00 target price on the stock. Finally, Citigroup reissued an "outperform" rating on shares of Genius Sports in a research note on Monday, June 30th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $12.72.

About Genius Sports

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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