Nikko Asset Management Americas Inc. Sells 29,350 Shares of Genius Sports Limited (NYSE:GENI)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Genius Sports by 0.5%, owning approximately 5.7 million shares valued at $57.1 million.
• Several institutional investors have increased their holdings in Genius Sports, with notable increases from Pacer Advisors Inc. by 61.5% and Victory Capital Management Inc. by 4.6% during the first quarter.
• Genius Sports approved a stock buyback plan of $100 million, indicating the board believes the shares may be undervalued after reporting a 20.3% revenue increase year-over-year.

Nikko Asset Management Americas Inc. lowered its holdings in Genius Sports Limited (NYSE:GENI - Free Report) by 0.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,703,992 shares of the company's stock after selling 29,350 shares during the period. Nikko Asset Management Americas Inc. owned about 2.65% of Genius Sports worth $57,097,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Victory Capital Management Inc. lifted its stake in Genius Sports by 4.6% in the 1st quarter. Victory Capital Management Inc. now owns 24,854 shares of the company's stock worth $249,000 after acquiring an additional 1,085 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Genius Sports by 61.5% in the 1st quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock valued at $38,000 after purchasing an additional 1,430 shares during the period. OneDigital Investment Advisors LLC increased its holdings in shares of Genius Sports by 2.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 57,732 shares of the company's stock valued at $578,000 after purchasing an additional 1,652 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of 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 worth $259,000 after purchasing an additional 2,314 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings 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 period. 81.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on GENI. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Genius Sports in a research note on Thursday, June 12th. Northland Capmk raised shares of Genius Sports to a "strong-buy" rating in a research note on Friday. Benchmark reiterated a "buy" rating and set a $12.00 price objective on shares of Genius Sports in a report on Thursday, April 17th. Arete initiated coverage on Genius Sports in a research report on Wednesday, July 9th. They set a "buy" rating and a $15.00 price objective for the company. Finally, BTIG Research upped their target price on Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $12.72.

Genius Sports Price Performance

Shares of Genius Sports stock traded down $0.10 during midday trading on Friday, hitting $10.63. The company had a trading volume of 2,186,382 shares, compared to its average volume of 4,195,137. Genius Sports Limited has a 1-year low of $5.76 and a 1-year high of $11.74. The business's 50 day simple moving average is $10.09 and its two-hundred day simple moving average is $9.78. The stock has a market cap of $2.29 billion, a PE ratio of -55.93 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Genius Sports had a negative net margin of 8.54% and a negative return on equity of 6.90%. The business had revenue of $143.99 million during the quarter, compared to analyst estimates of $143.31 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. The firm's revenue for the quarter was up 20.3% on a year-over-year basis. On average, sell-side analysts expect that Genius Sports Limited will post -0.1 EPS for the current fiscal year.

Genius Sports announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are 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.