Bank of New York Mellon Corp Cuts Holdings in Genius Sports Limited (NYSE:GENI)

Bank of New York Mellon Corp cut its holdings in Genius Sports Limited (NYSE:GENI - Free Report) by 28.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,531,692 shares of the company's stock after selling 996,314 shares during the period. Bank of New York Mellon Corp owned about 1.18% of Genius Sports worth $25,342,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Genius Sports in the 4th quarter valued at about $58,000. Park National Corp OH purchased a new position in shares of Genius Sports during the first quarter worth about $107,000. Bayesian Capital Management LP purchased a new stake in Genius Sports during the 4th quarter valued at approximately $129,000. Envestnet Asset Management Inc. grew its stake in shares of Genius Sports by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company's stock valued at $143,000 after purchasing an additional 3,548 shares during the last quarter. Finally, ProShare Advisors LLC raised 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 worth $148,000 after purchasing an additional 2,787 shares during the last quarter. 81.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GENI. Deutsche Bank Aktiengesellschaft began coverage on Genius Sports in a research note on Monday, April 21st. They set a "buy" rating and a $12.00 target price for the company. BTIG Research boosted their target price on shares of Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. JMP Securities set a $13.00 price target on shares of Genius Sports and gave the company a "market outperform" rating in a report on Monday, June 30th. B. Riley reissued a "buy" rating on shares of Genius Sports in a report on Wednesday, May 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 target price on shares of Genius Sports in a report on Thursday, June 12th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $12.63.

Genius Sports Trading Up 4.5%

Shares of Genius Sports stock traded up $0.49 during mid-day trading on Friday, hitting $11.36. 9,242,660 shares of the stock were exchanged, compared to its average volume of 3,419,773. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -59.79 and a beta of 1.86. The company has a 50-day simple moving average of $10.01 and a 200 day simple moving average of $9.68. Genius Sports Limited has a twelve month low of $5.60 and a twelve month high of $11.56.

Genius Sports (NYSE:GENI - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $143.99 million during the quarter, compared to the consensus estimate of $143.31 million. During the same period in the previous year, the firm posted ($0.11) EPS. Genius Sports's revenue was up 20.3% on a year-over-year basis. Equities research analysts forecast 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 share buyback plan on Tuesday, May 6th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.