Granahan Investment Management LLC Reduces Position in Genius Sports Limited $GENI

Key Points

• Granahan Investment Management cut its stake in Genius Sports by 31.5% in Q1, leaving it with 5.38 million shares worth about $23.85 million, or roughly 2.19% of the company.
• Analyst sentiment remains broadly positive, with Genius Sports carrying a Moderate Buy consensus and an average price target of $11.56, though several firms recently lowered their targets.
• The company posted strong revenue growth in its latest quarter, with revenue up 30.5% year over year to $187.95 million, but it still reported a loss of $0.21 per share, missing estimates.

Granahan Investment Management LLC decreased its holdings in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 31.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,383,762 shares of the company's stock after selling 2,470,110 shares during the period. Genius Sports comprises approximately 1.2% of Granahan Investment Management LLC's holdings, making the stock its 25th largest position. Granahan Investment Management LLC owned about 2.19% of Genius Sports worth $23,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TimesSquare Capital Management LLC purchased a new position in Genius Sports during the fourth quarter valued at $59,851,000. Senvest Management LLC grew its holdings in Genius Sports by 45.1% during the first quarter. Senvest Management LLC now owns 13,653,724 shares of the company's stock valued at $60,486,000 after purchasing an additional 4,243,157 shares during the period. Invesco Ltd. increased its position in Genius Sports by 3,584.2% in the second quarter. Invesco Ltd. now owns 3,291,635 shares of the company's stock worth $34,233,000 after buying an additional 3,202,290 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Genius Sports by 785.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,289,270 shares of the company's stock worth $36,248,000 after buying an additional 2,917,830 shares in the last quarter. Finally, Voss Capital LP raised its stake in shares of Genius Sports by 35.4% in the fourth quarter. Voss Capital LP now owns 11,100,000 shares of the company's stock worth $122,322,000 after buying an additional 2,900,000 shares during the period. 81.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GENI shares. Needham & Company LLC lowered their price objective on Genius Sports from $14.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Genius Sports in a report on Monday, May 11th. They issued a "buy" rating and a $10.00 target price for the company. BTIG Research lowered their price target on shares of Genius Sports from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Stifel Nicolaus upped their price target on shares of Genius Sports from $5.00 to $7.00 and gave the stock a "hold" rating in a research report on Wednesday. Finally, Wall Street Zen raised shares of Genius Sports from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 18th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.56.

Genius Sports Stock Up 1.5%

GENI opened at $6.53 on Friday. The company has a market capitalization of $1.61 billion, a PE ratio of -10.70 and a beta of 1.91. The firm has a 50-day simple moving average of $6.14 and a two-hundred day simple moving average of $6.18. Genius Sports Limited has a 52 week low of $3.83 and a 52 week high of $13.73.

Genius Sports (NYSE:GENI - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.12). The firm had revenue of $187.95 million during the quarter, compared to the consensus estimate of $170.60 million. Genius Sports had a negative return on equity of 20.34% and a negative net margin of 22.26%.The company's revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts expect that Genius Sports Limited will post -0.12 earnings per share for the current year.

Genius Sports Profile

Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information.

The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences.

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