Bank of New York Mellon Corp Sells 996,314 Shares of Genius Sports Limited (NYSE:GENI)

Bank of New York Mellon Corp lowered its holdings in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 28.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. OneDigital Investment Advisors LLC raised its position in shares of Genius Sports by 2.9% in the first quarter. OneDigital Investment Advisors LLC now owns 57,732 shares of the company's stock valued at $578,000 after buying an additional 1,652 shares during the last quarter. Calamos Advisors LLC grew its holdings in Genius Sports by 19.5% in the first quarter. Calamos Advisors LLC now owns 205,862 shares of the company's stock valued at $2,061,000 after purchasing an additional 33,546 shares during the period. D.A. Davidson & CO. grew 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 purchasing an additional 35,943 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Genius Sports by 9.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,849 shares of the company's stock valued at $259,000 after purchasing an additional 2,314 shares during the period. Finally, Lisanti Capital Growth LLC purchased a new stake in Genius Sports in the first quarter valued at approximately $5,360,000. Institutional investors and hedge funds own 81.91% of the company's stock.

Genius Sports Stock Performance

NYSE:GENI traded up $0.49 on Friday, hitting $11.36. 9,250,110 shares of the stock were exchanged, compared to its average volume of 3,434,327. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -59.79 and a beta of 1.86. Genius Sports Limited has a 52 week low of $5.76 and a 52 week high of $11.56. The company's 50-day moving average price is $10.03 and its 200 day moving average price is $9.71.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $143.99 million during the quarter, compared to the consensus estimate of $143.31 million. During the same quarter in the prior year, the firm posted ($0.11) EPS. The business's revenue was up 20.3% on a year-over-year basis. As a group, equities research analysts predict that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citigroup reissued an "outperform" rating on shares of Genius Sports in a research report on Monday, June 30th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Genius Sports in a report on Thursday, June 12th. B. Riley reissued a "buy" rating on shares of Genius Sports in a report on Wednesday, May 7th. BTIG Research upped their price target 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. Finally, Truist Financial assumed coverage on shares of Genius Sports in a report on Tuesday, July 1st. They issued a "buy" rating and a $14.00 price objective on the stock. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $12.63.

Genius Sports Company 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.