Genius Sports Limited (NYSE:GENI) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in Genius Sports Limited (NYSE:GENI - Free Report) by 22.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,846,683 shares of the company's stock after selling 1,384,370 shares during the period. Massachusetts Financial Services Co. MA owned about 2.25% of Genius Sports worth $48,515,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Genius Sports in the 4th quarter valued at about $58,000. Park National Corp OH acquired a new stake in shares of Genius Sports in the first quarter worth $107,000. Bayesian Capital Management LP acquired a new stake in shares of Genius Sports in the fourth quarter worth $129,000. Envestnet Asset Management Inc. grew its stake in shares of Genius Sports by 27.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company's stock worth $143,000 after acquiring an additional 3,548 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Genius Sports by 19.4% in 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 period. Institutional investors own 81.91% of the company's stock.

Wall Street Analysts Forecast Growth

GENI has been the subject of several recent analyst reports. Truist Financial assumed coverage on Genius Sports in a research note on Tuesday, July 1st. They set a "buy" rating and a $14.00 price objective for the company. BTIG Research lifted their target price on Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, April 22nd. JMP Securities set a $13.00 target price on Genius Sports and gave the stock a "market outperform" rating in a report on Monday, June 30th. Arete started coverage on Genius Sports in a research report on Wednesday, July 9th. They set a "buy" rating and a $15.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on Genius Sports in a report on Monday, April 21st. They set a "buy" rating and a $12.00 price target for the company. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Genius Sports has a consensus rating of "Buy" and a consensus target price of $12.63.

Genius Sports Trading Down 2.7%

GENI traded down $0.30 during midday trading on Monday, reaching $11.07. 5,061,758 shares of the company's stock traded hands, compared to its average volume of 3,440,846. Genius Sports Limited has a 52 week low of $5.76 and a 52 week high of $11.79. The firm has a fifty day moving average of $10.03 and a two-hundred day moving average of $9.72.

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

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