Genius Sports (NYSE:GENI) Hits New 12-Month High After Analyst Upgrade

Key Points

• Genius Sports shares hit a new 52-week high of $13.60 after JMP Securities raised its price target from $13.00 to $15.00, maintaining a market outperform rating.
• The company has seen an influx of institutional investors, with 81.91% of its stock now owned by them, which may indicate increased confidence in its future performance.
• Despite missing EPS estimates at ($0.21), Genius Sports reported a revenue increase of 24.4% year-over-year, totaling $118.72 million for the quarter.

Genius Sports Limited (NYSE:GENI - Get Free Report)'s share price reached a new 52-week high on Wednesday after JMP Securities raised their price target on the stock from $13.00 to $15.00. JMP Securities currently has a market outperform rating on the stock. Genius Sports traded as high as $13.60 and last traded at $13.39, with a volume of 613838 shares traded. The stock had previously closed at $12.62.

Other equities analysts also recently issued reports about the stock. Arete initiated coverage on shares of Genius Sports in a research note on Wednesday, July 9th. They set a "buy" rating and a $15.00 price objective on the stock. B. Riley raised their target price on shares of Genius Sports from $13.00 to $14.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Benchmark raised their target price on shares of Genius Sports from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Northland Securities initiated coverage on shares of Genius Sports in a research note on Friday, July 25th. They issued an "outperform" rating and a $14.00 target price for the company. Finally, Arete Research upgraded shares of Genius Sports to a "strong-buy" rating in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $14.13.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GENI. Quarry LP purchased a new stake in Genius Sports during the first quarter worth about $37,000. Pacer Advisors Inc. boosted its holdings in Genius Sports by 61.5% during the first quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock worth $38,000 after buying an additional 1,430 shares in the last quarter. CWM LLC boosted its holdings in Genius Sports by 275.5% during the second quarter. CWM LLC now owns 3,980 shares of the company's stock worth $41,000 after buying an additional 2,920 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in Genius Sports during the second quarter worth about $75,000. Finally, Amalgamated Bank purchased a new stake in Genius Sports during the second quarter worth about $79,000. 81.91% of the stock is currently owned by institutional investors and hedge funds.

Genius Sports Stock Up 5.2%

The stock has a market cap of $2.86 billion, a PE ratio of -42.99 and a beta of 1.87. The business's fifty day moving average is $11.47 and its 200 day moving average is $10.40.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $118.28 million. Genius Sports had a negative return on equity of 11.48% and a negative net margin of 13.94%.The firm's quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, analysts predict that Genius Sports Limited will post -0.1 EPS for the current year.

Genius Sports announced that its Board of Directors has initiated a stock 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 buy up to 4.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

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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