Genius Sports (NYSE:GENI) Given New $16.00 Price Target at Guggenheim

Key Points

• Guggenheim analysts have increased their price target for Genius Sports from $12.00 to $16.00, suggesting a potential upside of 33.05% from the current price.
• The company's stock recently experienced a 3.1% increase in trading, closing at $12.03 on Thursday, with a year-to-date high of $12.45.
• Genius Sports reported a 24.4% year-over-year increase in revenue, although it missed consensus earnings estimates for the quarter.

Genius Sports (NYSE:GENI - Get Free Report) had its price objective boosted by equities research analysts at Guggenheim from $12.00 to $16.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price objective indicates a potential upside of 33.05% from the company's current price.

GENI has been the subject of several other reports. BTIG Research raised their price target on shares of Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, April 22nd. JMP Securities set a $13.00 target price on Genius Sports and gave the stock a "market outperform" rating in a research report on Monday, June 30th. Arete began coverage on Genius Sports in a report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 price target on the stock. Truist Financial started coverage on Genius Sports in a report on Tuesday, July 1st. They set a "buy" rating and a $14.00 price objective for the company. Finally, Northland Securities assumed coverage on shares of Genius Sports in a research report on Friday, July 25th. They issued an "outperform" rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Genius Sports currently has an average rating of "Buy" and an average target price of $13.28.

Genius Sports Stock Up 3.1%

GENI stock traded up $0.36 during trading on Thursday, reaching $12.03. The stock had a trading volume of 774,931 shares, compared to its average volume of 4,209,708. Genius Sports has a one year low of $6.37 and a one year high of $12.45. The company's 50 day moving average is $10.31 and its two-hundred day moving average is $9.91. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -63.24 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.17). The firm had revenue of $118.72 million for the quarter, compared to the consensus estimate of $118.28 million. Genius Sports had a negative net margin of 8.54% and a negative return on equity of 6.90%. Genius Sports's revenue for the quarter was up 24.4% on a year-over-year basis. During the same period last year, the company posted ($0.09) earnings per share. As a group, research analysts predict 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 plan on Tuesday, May 6th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Trading of Genius Sports

Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Genius Sports by 138.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company's stock valued at $14,264,000 after acquiring an additional 957,559 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Genius Sports by 62.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company's stock worth $21,683,000 after purchasing an additional 833,335 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Genius Sports by 67.0% in the first quarter. D.A. Davidson & CO. now owns 89,551 shares of the company's stock worth $896,000 after purchasing an additional 35,943 shares during the last quarter. Greenwood Capital Associates LLC bought a new position in shares of Genius Sports during the first quarter valued at $518,000. Finally, IFC Advisors LLC boosted its position in shares of Genius Sports by 6.8% during the first quarter. IFC Advisors LLC now owns 2,735,155 shares of the company's stock valued at $27,379,000 after buying an additional 173,171 shares during the last quarter. 81.91% of the stock is owned by hedge funds and other 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.

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