Westfield Capital Management Co. LP Grows Stock Holdings in Genius Sports Limited (NYSE:GENI)

Key Points

• Westfield Capital Management Co. LP has increased its stake in Genius Sports Limited by 2.3%, now holding approximately 1.01% of the company, valued at $21.8 million.
• Several institutional investors, including JPMorgan Chase & Co., have significantly boosted their holdings in Genius Sports, which is now owned 81.91% by hedge funds and other institutions.
• Genius Sports reported a revenue of $143.99 million for the most recent quarter, exceeding estimates, along with a newly announced stock buyback plan of $100 million.

Westfield Capital Management Co. LP lifted its holdings in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,178,257 shares of the company's stock after buying an additional 49,279 shares during the period. Westfield Capital Management Co. LP owned about 1.01% of Genius Sports worth $21,804,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Pacer Advisors Inc. grew its position 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 buying an additional 1,430 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Genius Sports during the 4th quarter valued at about $58,000. IPG Investment Advisors LLC bought a new stake in shares of Genius Sports during the 1st quarter valued at about $107,000. Park National Corp OH bought a new stake in shares of Genius Sports during the 1st quarter valued at about $107,000. Finally, Bayesian Capital Management LP bought a new position in Genius Sports in the fourth quarter worth approximately $129,000. Institutional investors and hedge funds own 81.91% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. JMP Securities set a $13.00 price target on Genius Sports and gave the stock a "market outperform" rating in a report on Monday, June 30th. Benchmark increased their price target on Genius Sports from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday. Truist Financial assumed 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. Arete assumed coverage on Genius Sports in a research note on Wednesday, July 9th. They issued a "buy" rating and a $15.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on Genius Sports from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $13.69.

Genius Sports Price Performance

Shares of Genius Sports stock traded up $0.31 during trading hours on Thursday, reaching $11.98. The company had a trading volume of 6,732,950 shares, compared to its average volume of 5,976,378. Genius Sports Limited has a one year low of $6.37 and a one year high of $12.45. The business has a fifty day simple moving average of $10.35 and a 200 day simple moving average of $9.93. The firm has a market cap of $2.58 billion, a PE ratio of -38.63 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.17). The company had revenue of $118.72 million during the quarter, compared to the consensus estimate of $118.28 million. Genius Sports had a negative return on equity of 11.98% and a negative net margin of 13.94%. Genius Sports's revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. On average, research analysts forecast that Genius Sports Limited will post -0.1 EPS for the current year.

Genius Sports announced that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy 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.

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.