Genius Sports Limited $GENI Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has increased its holdings in Genius Sports Limited by 25.4%, now owning approximately 4.76% of the company, valued at $102.5 million.
• Several analysts have upgraded Genius Sports to a strong-buy rating, with a consensus target price of $14.00 and notable upgrades from Citigroup and others.
• Genius Sports reported a revenue increase of 24.4% year-over-year despite a larger-than-expected loss per share of ($0.21), missing analysts' estimates.

Wellington Management Group LLP increased its holdings in Genius Sports Limited (NYSE:GENI - Free Report) by 25.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,244,434 shares of the company's stock after purchasing an additional 2,076,590 shares during the period. Wellington Management Group LLP owned 4.76% of Genius Sports worth $102,547,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its holdings in Genius Sports by 62.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company's stock valued at $21,683,000 after acquiring an additional 833,335 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in Genius Sports by 67.0% in the first quarter. D.A. Davidson & CO. now owns 89,551 shares of the company's stock valued at $896,000 after acquiring an additional 35,943 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Genius Sports by 194.9% in the first quarter. Envestnet Asset Management Inc. now owns 48,904 shares of the company's stock valued at $490,000 after acquiring an additional 32,322 shares during the last quarter. Greenwood Capital Associates LLC acquired a new position in Genius Sports in the first quarter valued at $518,000. Finally, IFC Advisors LLC boosted its holdings in Genius Sports by 6.8% in the first quarter. IFC Advisors LLC now owns 2,735,155 shares of the company's stock valued at $27,379,000 after acquiring an additional 173,171 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company's stock.

Genius Sports Stock Performance

Shares of NYSE:GENI traded down $0.15 during trading on Wednesday, hitting $12.90. The company's stock had a trading volume of 780,863 shares, compared to its average volume of 4,282,282. Genius Sports Limited has a fifty-two week low of $6.72 and a fifty-two week high of $13.24. The stock's 50-day moving average price is $11.17 and its two-hundred day moving average price is $10.28. The company has a market capitalization of $2.78 billion, a PE ratio of -41.69 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $118.28 million. During the same quarter last year, the firm posted ($0.09) EPS. The company's revenue was up 24.4% compared to the same quarter last year. On average, equities analysts predict that Genius Sports Limited will post -0.1 earnings per share for the current fiscal year.

Genius Sports declared that its board has approved a stock buyback program on Tuesday, May 6th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

GENI has been the topic of a number of research analyst reports. Needham & Company LLC lifted their target price on Genius Sports from $13.00 to $16.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. JMP Securities set a $13.00 target price on Genius Sports and gave the stock a "market outperform" rating in a research report on Monday, June 30th. Arete Research raised Genius Sports to a "strong-buy" rating in a research report on Wednesday, July 9th. Benchmark upped their target price on Genius Sports from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Finally, Arete initiated coverage on Genius Sports in a research report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.00.

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.