Genius Sports (NYSE:GENI) Stock Price Up 4.8% - Here's Why

Genius Sports Limited (NYSE:GENI - Get Free Report) shares shot up 4.8% during trading on Wednesday . The stock traded as high as $10.78 and last traded at $10.72. 1,867,358 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 3,364,711 shares. The stock had previously closed at $10.23.

Wall Street Analyst Weigh In

GENI has been the subject of several research reports. B. Riley reiterated a "buy" rating on shares of Genius Sports in a research report on Wednesday, May 7th. Arete Research upgraded Genius Sports to a "strong-buy" rating in a research report on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft initiated coverage on Genius Sports in a research report on Monday, April 21st. They set a "buy" rating and a $12.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $13.00 price target on shares of Genius Sports in a research report on Thursday, June 12th. Finally, JMP Securities set a $13.00 price target on Genius Sports and gave the stock a "market outperform" rating in a research report on Monday, June 30th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Genius Sports has an average rating of "Buy" and a consensus price target of $12.63.

Genius Sports Stock Performance

The company has a 50 day moving average price of $9.99 and a 200 day moving average price of $9.67. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -57.25 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last announced 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. Genius Sports had a negative return on equity of 6.90% and a negative net margin of 8.54%. The business had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company's quarterly revenue was up 20.3% on a year-over-year basis. On average, research analysts forecast that Genius Sports Limited will post -0.1 earnings per share for the current year.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Genius Sports in the 1st quarter valued at about $37,000. Pacer Advisors Inc. increased its holdings in shares of Genius Sports by 61.5% in the 1st quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock valued at $38,000 after acquiring an additional 1,430 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Genius Sports in the 4th quarter valued at about $58,000. Park National Corp OH purchased a new position in shares of Genius Sports in the 1st quarter valued at about $107,000. Finally, IPG Investment Advisors LLC purchased a new position in shares of Genius Sports in the 1st quarter valued at about $107,000. Hedge funds and other institutional investors own 81.91% of the company's stock.

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.