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Genius Sports (NYSE:GENI) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

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Key Points

  • Genius Sports reported a quarterly earnings per share of ($0.21), missing the consensus estimate of ($0.04) by ($0.17), despite achieving a revenue of $118.72 million, which exceeded expectations.
  • The company's revenue increased by 24.4% year-over-year, highlighting growth despite posting negative earnings.
  • Genius Sports' board approved a $100 million stock buyback program, indicating confidence in the company's stock valuation.
  • Want stock alerts on Genius Sports? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Genius Sports (NYSE:GENI - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.17), Zacks reports. The company had revenue of $118.72 million during the quarter, compared to analyst estimates of $118.28 million. Genius Sports had a negative net margin of 13.94% and a negative return on equity of 11.48%. The company's revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share.

Genius Sports Stock Up 3.4%

GENI stock traded up $0.41 during midday trading on Friday, hitting $12.37. 5,839,662 shares of the company traded hands, compared to its average volume of 6,133,581. Genius Sports has a twelve month low of $6.37 and a twelve month high of $12.45. The business has a 50 day simple moving average of $10.41 and a 200-day simple moving average of $9.96. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -39.90 and a beta of 1.86.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Northland Securities started coverage on shares of Genius Sports in a report on Friday, July 25th. They set an "outperform" rating and a $14.00 target price on the stock. B. Riley raised their target price on shares of Genius Sports from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genius Sports in a research report on Monday, April 21st. They issued a "buy" rating and a $12.00 price target for the company. Wall Street Zen lowered shares of Genius Sports from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Guggenheim increased their price target on shares of Genius Sports from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.69.

Check Out Our Latest Research Report on Genius Sports

Hedge Funds Weigh In On Genius Sports

A hedge fund recently raised its stake in Genius Sports stock. Royal Bank of Canada raised its stake in shares of Genius Sports Limited (NYSE:GENI - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,339 shares of the company's stock after purchasing an additional 6,623 shares during the period. Royal Bank of Canada's holdings in Genius Sports were worth $444,000 as of its most recent SEC filing. Institutional investors and hedge funds own 81.91% of the company's stock.

Genius Sports declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that authorizes the company to buyback $100.00 million in outstanding 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 an indication that the company's leadership believes its stock is undervalued.

About Genius Sports

(Get Free Report)

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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Earnings History for Genius Sports (NYSE:GENI)

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