Genius Sports (NYSE:GENI) Sets New 1-Year 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)'s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $11.84 and last traded at $11.68, with a volume of 7336885 shares. The stock had previously closed at $11.25.

Analysts Set New Price Targets

GENI has been the topic of a number of recent research reports. Truist Financial assumed coverage on Genius Sports in a research note on Tuesday, July 1st. They issued a "buy" rating and a $14.00 target price on the stock. Arete assumed 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 for the company. Citigroup reaffirmed an "outperform" rating on shares of Genius Sports in a research note on Monday, June 30th. Northland Capmk raised shares of Genius Sports to a "strong-buy" rating in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Genius Sports in a research note on Monday, April 21st. They set a "buy" rating and a $12.00 target price for the company. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $12.72.

Genius Sports Stock Performance

The company has a market capitalization of $2.59 billion, a PE ratio of -63.29 and a beta of 1.86. The stock's fifty day simple moving average is $10.23 and its 200-day simple moving average is $9.88.

Genius Sports (NYSE:GENI - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $143.99 million during 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 revenue was up 20.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) EPS. On average, equities analysts anticipate that Genius Sports Limited will post -0.1 EPS for the current year.

Genius Sports announced that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 4.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GENI. JPMorgan Chase & Co. grew its stake in shares of Genius Sports by 138.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company's stock valued at $14,264,000 after acquiring an additional 957,559 shares in the last quarter. Arete Wealth Advisors LLC boosted its holdings in shares of Genius Sports by 29.5% in the 4th quarter. Arete Wealth Advisors LLC now owns 18,900 shares of the company's stock valued at $163,000 after buying an additional 4,300 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Genius Sports by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company's stock worth $143,000 after acquiring an additional 3,548 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Genius Sports in the 4th quarter worth about $3,476,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Genius Sports in the 4th quarter worth about $253,000. Institutional investors and hedge funds 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.