Genius Sports (NYSE:GENI) Sets New 12-Month High - Here's Why

Key Points

• Genius Sports reached a new 52-week high, trading at $11.84, with a significant volume of over 7.3 million shares exchanged.
• A majority of analysts continue to support the stock with a consensus rating of "Buy" and an average price target of $12.72.
• The company has initiated a $100 million stock repurchase plan, which typically indicates management's belief that the stock is undervalued.

Genius Sports Limited (NYSE:GENI - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $11.84 and last traded at $11.68, with a volume of 7336885 shares trading hands. The stock had previously closed at $11.25.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GENI. Truist Financial began coverage on Genius Sports in a research report on Tuesday, July 1st. They set a "buy" rating and a $14.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Genius Sports in a research note on Monday, April 21st. They set a "buy" rating and a $12.00 price objective on the stock. B. Riley reaffirmed a "buy" rating on shares of Genius Sports in a research note on Wednesday, May 7th. JMP Securities set a $13.00 price objective on Genius Sports and gave the company a "market outperform" rating in a research note on Monday, June 30th. Finally, BTIG Research raised their price objective on Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, April 22nd. One analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $12.72.

Genius Sports Stock Performance

The stock has a market capitalization of $2.51 billion, a P/E ratio of -61.47 and a beta of 1.86. The business has a 50-day moving average price of $10.16 and a 200 day moving average price of $9.82.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $143.99 million for the quarter, compared to analysts' expectations of $143.31 million. Genius Sports had a negative return on equity of 6.90% and a negative net margin of 8.54%. The firm's quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. As a group, research analysts forecast that Genius Sports Limited will post -0.1 earnings per share for the current fiscal year.

Genius Sports declared that its board 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 repurchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Genius Sports

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors increased its stake in shares of Genius Sports by 14.2% in the 4th quarter. Capital Research Global Investors now owns 12,952,320 shares of the company's stock worth $112,038,000 after purchasing an additional 1,610,078 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Genius Sports by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 10,244,434 shares of the company's stock worth $102,547,000 after purchasing an additional 2,076,590 shares in the last quarter. Voss Capital LP increased its stake in shares of Genius Sports by 17.0% in the 1st quarter. Voss Capital LP now owns 9,269,519 shares of the company's stock worth $92,788,000 after purchasing an additional 1,346,087 shares in the last quarter. Granahan Investment Management LLC increased its stake in Genius Sports by 0.8% in the 4th quarter. Granahan Investment Management LLC now owns 7,963,691 shares of the company's stock worth $68,886,000 after buying an additional 64,752 shares in the last quarter. Finally, Hood River Capital Management LLC increased its stake in Genius Sports by 6.2% in the 4th quarter. Hood River Capital Management LLC now owns 5,026,233 shares of the company's stock worth $43,477,000 after buying an additional 295,485 shares in the last quarter. 81.91% of the stock is owned by 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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