Genius Sports (NYSE:GENI) Hits New 12-Month High - Here's What Happened

Key Points

• Genius Sports Limited shares reached a new 52-week high of $12.93 during mid-day trading, closing at $12.74, showcasing significant trading volume of approximately 3.75 million shares.
• Wall Street analysts have mixed opinions on Genius Sports, with one "sell" rating, one "hold," and a majority giving "buy" or "strong buy" ratings, leading to an average rating of "Moderate Buy" and a consensus target price of $13.94.
• The company reported a quarterly loss of ($0.21) EPS, missing estimates, but showed a 24.4% increase in revenue year-over-year, totaling $118.72 million.

Shares of Genius Sports Limited (NYSE:GENI - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $12.93 and last traded at $12.74, with a volume of 3749688 shares. The stock had previously closed at $12.52.

Wall Street Analyst Weigh In

GENI has been the topic of several research analyst reports. Wall Street Zen cut Genius Sports from a "hold" rating to a "sell" rating in a report on Saturday. Arete Research upgraded Genius Sports to a "strong-buy" rating in a report on Wednesday, July 9th. BTIG Research lifted their price objective on Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, April 22nd. JMP Securities set a $13.00 price objective on Genius Sports and gave the stock a "market outperform" rating in a report on Monday, June 30th. Finally, Needham & Company LLC lifted their price objective on Genius Sports from $13.00 to $16.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $13.94.

Genius Sports Trading Up 1.8%

The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of -41.10 and a beta of 1.86. The company has a fifty day moving average price of $10.54 and a two-hundred day moving average price of $10.02.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) EPS 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 analysts' expectations of $118.28 million. Genius Sports had a negative net margin of 13.94% and a negative return on equity of 11.48%. The firm's quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) EPS. As a group, equities research analysts expect that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its board has approved a stock buyback plan on Tuesday, May 6th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Institutional Trading of Genius Sports

Several institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of Genius Sports during the 2nd quarter valued at approximately $235,000. Prudential Financial Inc. purchased a new stake in Genius Sports in the second quarter valued at approximately $266,000. Rhumbline Advisers purchased a new stake in Genius Sports in the second quarter valued at approximately $3,152,000. Legal & General Group Plc raised its position in Genius Sports by 20.0% in the second quarter. Legal & General Group Plc now owns 526,798 shares of the company's stock valued at $5,476,000 after purchasing an additional 87,737 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Genius Sports in the second quarter valued at approximately $1,118,000. Hedge funds and other institutional investors own 81.91% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.