Truist Financial Initiates Coverage on Genius Sports (NYSE:GENI)

Analysts at Truist Financial started coverage on shares of Genius Sports (NYSE:GENI - Get Free Report) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $14.00 price target on the stock. Truist Financial's price objective would indicate a potential upside of 43.59% from the stock's current price.

Several other equities analysts have also recently issued reports on the stock. B. Riley reiterated a "buy" rating on shares of Genius Sports in a research report on Wednesday, May 7th. The Goldman Sachs Group upped their target price on Genius Sports from $11.00 to $12.50 and gave the stock a "buy" rating in a report on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Genius Sports in a research report on Thursday, June 12th. Deutsche Bank Aktiengesellschaft started coverage on Genius Sports in a research report on Monday, April 21st. They set a "buy" rating and a $12.00 price target on the stock. Finally, Benchmark reaffirmed a "buy" rating and issued a $12.00 price target on shares of Genius Sports in a research note on Thursday, April 17th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $12.46.

Genius Sports Trading Down 3.5%

Shares of GENI stock traded down $0.35 during trading hours on Tuesday, reaching $9.75. The company's stock had a trading volume of 5,572,927 shares, compared to its average volume of 3,342,516. Genius Sports has a one year low of $5.31 and a one year high of $11.40. The stock has a market capitalization of $2.10 billion, a P/E ratio of -51.32 and a beta of 1.86. The firm's fifty day simple moving average is $10.08 and its 200 day simple moving average is $9.56.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. The company had revenue of $143.99 million during 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 revenue was up 20.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) earnings per share. As a group, equities research analysts forecast 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 buyback program on Tuesday, May 6th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Genius Sports

A number of institutional investors and hedge funds have recently bought and sold shares of GENI. Divisadero Street Capital Management LP grew its holdings in shares of Genius Sports by 32,386.5% during the fourth quarter. Divisadero Street Capital Management LP now owns 3,551,751 shares of the company's stock valued at $30,723,000 after buying an additional 3,540,818 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in Genius Sports in the 4th quarter worth approximately $24,712,000. The Manufacturers Life Insurance Company bought a new position in Genius Sports in the 1st quarter valued at approximately $28,280,000. Millennium Management LLC lifted its position in Genius Sports by 1,579.0% in the 1st quarter. Millennium Management LLC now owns 2,766,206 shares of the company's stock valued at $27,690,000 after acquiring an additional 2,601,453 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Genius Sports by 25.4% during the 1st quarter. Wellington Management Group LLP now owns 10,244,434 shares of the company's stock valued at $102,547,000 after purchasing an additional 2,076,590 shares during the last quarter. 81.91% of the stock is currently owned by institutional investors.

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.