Massachusetts Financial Services Co. MA Sells 1,384,370 Shares of Genius Sports Limited (NYSE:GENI)

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

Other institutional investors also recently modified their holdings of the company. OneDigital Investment Advisors LLC lifted its stake in shares of Genius Sports by 2.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 57,732 shares of the company's stock worth $578,000 after purchasing an additional 1,652 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Genius Sports by 9.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,849 shares of the company's stock worth $259,000 after acquiring an additional 2,314 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Genius Sports by 19.4% in the fourth quarter. ProShare Advisors LLC now owns 17,132 shares of the company's stock valued at $148,000 after purchasing an additional 2,787 shares during the period. Emerald Mutual Fund Advisers Trust lifted its holdings in Genius Sports by 46.7% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 9,777 shares of the company's stock worth $98,000 after buying an additional 3,112 shares during the last quarter. Finally, State of Wyoming lifted its holdings in shares of Genius Sports by 8.3% in the 4th quarter. State of Wyoming now owns 45,630 shares of the company's stock valued at $395,000 after purchasing an additional 3,495 shares during the last quarter. 81.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on GENI. Citigroup reaffirmed an "outperform" rating on shares of Genius Sports in a research report on Monday, June 30th. Truist Financial began coverage on Genius Sports in a report on Tuesday, July 1st. They issued a "buy" rating and a $14.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Genius Sports in a research report on Thursday, June 12th. Benchmark restated a "buy" rating and set a $12.00 price target on shares of Genius Sports in a report on Thursday, April 17th. Finally, Arete started coverage on shares of Genius Sports in a research note on Wednesday, July 9th. They set a "buy" rating and a $15.00 price target for the company. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $12.63.

Genius Sports Stock Up 0.8%

Genius Sports stock opened at $10.88 on Friday. Genius Sports Limited has a 52 week low of $5.60 and a 52 week high of $11.40. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -57.25 and a beta of 1.86. The stock has a 50-day moving average price of $10.01 and a 200 day moving average price of $9.68.

Genius Sports (NYSE:GENI - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) 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 firm had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. During the same quarter in the prior year, the company earned ($0.11) EPS. Genius Sports's revenue was up 20.3% on a year-over-year basis. Research analysts anticipate that Genius Sports Limited will post -0.1 EPS for the current fiscal year.

Genius Sports announced that its board has authorized a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.

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