Wellington Management Group LLP Cuts Stake in Genius Sports Limited (NYSE:GENI)

Wellington Management Group LLP trimmed its position in Genius Sports Limited (NYSE:GENI - Free Report) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,167,844 shares of the company's stock after selling 124,677 shares during the period. Wellington Management Group LLP owned approximately 3.79% of Genius Sports worth $70,652,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GENI. Polar Asset Management Partners Inc. acquired a new stake in shares of Genius Sports in the fourth quarter valued at approximately $8,080,000. Castleark Management LLC acquired a new position in Genius Sports in the fourth quarter valued at about $3,962,000. Two Sigma Investments LP acquired a new position in Genius Sports during the fourth quarter worth about $227,000. State of Wyoming raised its stake in Genius Sports by 8.3% during the fourth quarter. State of Wyoming now owns 45,630 shares of the company's stock worth $395,000 after acquiring an additional 3,495 shares in the last quarter. Finally, Sycale Advisors NY LLC bought a new stake in shares of Genius Sports during the fourth quarter worth about $12,113,000. 81.91% of the stock is currently owned by institutional investors and hedge funds.

Genius Sports Stock Performance

NYSE GENI traded down $0.15 during trading hours on Friday, hitting $9.60. The company had a trading volume of 4,775,850 shares, compared to its average volume of 2,984,579. The firm has a 50 day simple moving average of $10.08 and a 200 day simple moving average of $9.51. Genius Sports Limited has a 52 week low of $5.06 and a 52 week high of $11.40. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -30.00 and a beta of 1.96.

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, beating the consensus estimate of ($0.05) by $0.02. Genius Sports had a negative return on equity of 14.11% and a negative net margin of 15.84%. The firm had revenue of $143.99 million for the quarter, compared to analysts' expectations of $143.31 million. During the same quarter last year, the firm posted ($0.11) EPS. The company's revenue was up 20.3% compared to the same quarter last year. On average, research analysts forecast that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports declared that its board has initiated a stock buyback 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 shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on GENI shares. Craig Hallum set a $15.00 target price on Genius Sports in a report on Tuesday, March 4th. Lake Street Capital increased their price target on Genius Sports from $10.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, March 5th. Guggenheim started coverage on Genius Sports in a research report on Tuesday, March 18th. They set a "buy" rating and a $12.00 target price for the company. Benchmark reaffirmed a "buy" rating and set a $12.00 target price on shares of Genius Sports in a research report on Thursday, April 17th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of Genius Sports in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.19.

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.