Macquarie Boosts Genius Sports (NYSE:GENI) Price Target to $15.00

Key Points

• Macquarie raised the price target for Genius Sports from $14.00 to $15.00, indicating a potential upside of 25.26% based on the current stock price and maintaining an "outperform" rating.
• Genius Sports reported quarterly earnings with a revenue of $118.72 million, reflecting a 24.4% year-over-year increase, but missed earnings expectations with an EPS of ($0.21).
• The company has initiated a $100 million share buyback plan, allowing it to repurchase up to 4.4% of its stock, signaling management’s belief that the stock is undervalued.

Genius Sports (NYSE:GENI - Get Free Report) had its price objective raised by analysts at Macquarie from $14.00 to $15.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Macquarie's price target would indicate a potential upside of 21.26% from the stock's current price.

A number of other research firms also recently commented on GENI. Arete began coverage on shares of Genius Sports in a research report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 target price for the company. Benchmark lifted their target price on shares of Genius Sports from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup reaffirmed an "outperform" rating on shares of Genius Sports in a research report on Monday, June 30th. Arete Research raised shares of Genius Sports to a "strong-buy" rating in a research report on Wednesday, July 9th. Finally, Northland Capmk raised shares of Genius Sports to a "strong-buy" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.69.

Genius Sports Stock Performance

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

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings results 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 13.94% and a negative return on equity of 11.48%. Genius Sports's revenue was up 24.4% on a year-over-year basis. During the same period last year, the business earned ($0.09) EPS. On average, equities analysts expect that Genius Sports will post -0.1 earnings per share for the current year.

Genius Sports announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Genius Sports

Several hedge funds have recently made changes to their positions in GENI. JPMorgan Chase & Co. raised its position in shares of Genius Sports by 138.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company's stock valued at $14,264,000 after buying an additional 957,559 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Genius Sports by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company's stock valued at $143,000 after buying an additional 3,548 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Genius Sports during the 4th quarter valued at about $3,476,000. Renaissance Technologies LLC bought a new position in Genius Sports during the 4th quarter valued at about $253,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Genius Sports in the fourth quarter worth about $1,834,000. 81.91% of the stock is currently owned by hedge funds and other 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.