Envestnet Asset Management Inc. Grows Position 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 holdings in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 194.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,904 shares of the company's stock after acquiring an additional 32,322 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Genius Sports were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of GENI. Capital Research Global Investors lifted its stake in shares of Genius Sports by 14.2% during the 4th quarter. Capital Research Global Investors now owns 12,952,320 shares of the company's stock valued at $112,038,000 after buying an additional 1,610,078 shares in the last quarter. Granahan Investment Management LLC lifted its stake in shares of Genius Sports by 0.8% during the 4th quarter. Granahan Investment Management LLC now owns 7,963,691 shares of the company's stock valued at $68,886,000 after buying an additional 64,752 shares in the last quarter. Voss Capital LP lifted its stake in shares of Genius Sports by 16.7% during the 4th quarter. Voss Capital LP now owns 7,923,432 shares of the company's stock valued at $68,538,000 after buying an additional 1,134,029 shares in the last quarter. Hood River Capital Management LLC lifted its stake in shares of Genius Sports by 6.2% during the 4th quarter. Hood River Capital Management LLC now owns 5,026,233 shares of the company's stock valued at $43,477,000 after buying an additional 295,485 shares in the last quarter. Finally, Divisadero Street Capital Management LP lifted its stake in shares of Genius Sports by 32,386.5% during the 4th quarter. Divisadero Street Capital Management LP now owns 3,551,751 shares of the company's stock valued at $30,723,000 after buying an additional 3,540,818 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company's stock.

Genius Sports Price Performance

Shares of Genius Sports stock traded up $0.41 during trading hours on Friday, reaching $12.37. The company's stock had a trading volume of 5,839,662 shares, compared to its average volume of 6,133,581. The firm has a 50 day moving average price of $10.41 and a 200-day moving average price of $9.95. Genius Sports Limited has a one year low of $6.37 and a one year high of $12.45. The stock has a market cap of $2.66 billion, a P/E ratio of -39.90 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.17). Genius Sports had a negative return on equity of 11.48% and a negative net margin of 13.94%. The business had revenue of $118.72 million during the quarter, compared to the consensus estimate of $118.28 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The business's quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts forecast that Genius Sports Limited will post -0.1 EPS for the current fiscal year.

Genius Sports declared that its board has approved a share repurchase program on Tuesday, May 6th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 4.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GENI has been the topic of a number of analyst reports. BTIG Research lifted their target price 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. The Goldman Sachs Group lifted their price target on shares of Genius Sports from $12.00 to $14.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen downgraded shares of Genius Sports from a "hold" rating to a "sell" rating in a report on Saturday. Northland Securities started coverage on shares of Genius Sports in a report on Friday, July 25th. They issued an "outperform" rating and a $14.00 price target on the stock. Finally, B. Riley lifted their price target on shares of Genius Sports from $13.00 to $14.00 and gave the company a "buy" rating in a report on Thursday. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.69.

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.