Genius Sports (NYSE:GENI) Coverage Initiated by Analysts at Arete

Arete began coverage on shares of Genius Sports (NYSE:GENI - Free Report) in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $15.00 price objective on the stock.

GENI has been the topic of several other reports. BTIG Research raised their target price on shares of Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Guggenheim initiated coverage on shares of Genius Sports in a research note on Tuesday, March 18th. They issued a "buy" rating and a $12.00 price objective on the stock. Truist Financial initiated coverage on Genius Sports in a report on Tuesday, July 1st. They issued a "buy" rating and a $14.00 target price on the stock. JMP Securities set a $13.00 price objective on Genius Sports and gave the company a "market outperform" rating in a research note on Monday, June 30th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Genius Sports in a report on Monday, April 21st. They issued a "buy" rating and a $12.00 target price for the company. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.63.

Genius Sports Trading Up 4.0%

Shares of NYSE:GENI traded up $0.42 on Wednesday, hitting $10.86. The company had a trading volume of 6,319,162 shares, compared to its average volume of 3,384,406. The stock has a 50 day moving average price of $10.02 and a 200 day moving average price of $9.60. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -57.16 and a beta of 1.86. Genius Sports has a 1-year low of $5.31 and a 1-year high of $11.40.

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

Genius Sports declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Genius Sports

A number of hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Genius Sports during the 1st quarter valued at $37,000. Pacer Advisors Inc. increased its position in 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 in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Genius Sports during the 4th quarter worth approximately $58,000. IPG Investment Advisors LLC bought a new position in Genius Sports in the first quarter worth approximately $107,000. Finally, Park National Corp OH acquired a new stake in Genius Sports in the first quarter valued at approximately $107,000. 81.91% of the stock is currently owned by institutional investors.

About Genius Sports

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.