Genius Sports (NYSE:GENI) Trading Down 5.6% - What's Next?

Genius Sports Limited (NYSE:GENI - Get Free Report)'s share price was down 5.6% on Tuesday . The stock traded as low as $10.48 and last traded at $10.47. Approximately 2,398,343 shares changed hands during trading, a decline of 30% from the average daily volume of 3,437,491 shares. The stock had previously closed at $11.08.

Wall Street Analyst Weigh In

Several analysts have commented on GENI shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Genius Sports in a research note on Monday, April 21st. They set a "buy" rating and a $12.00 price objective for the company. Arete assumed coverage on Genius Sports in a research report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 price objective on the stock. Citigroup reaffirmed an "outperform" rating on shares of Genius Sports in a research note on Monday, June 30th. Arete Research upgraded shares of Genius Sports to a "strong-buy" rating in a research note on Wednesday, July 9th. Finally, Northland Securities assumed coverage on shares of Genius Sports in a research report on Friday. They set an "outperform" rating and a $14.00 price target on the stock. One 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. According to MarketBeat, Genius Sports presently has an average rating of "Buy" and an average target price of $12.72.

Genius Sports Price Performance

The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -55.93 and a beta of 1.86. The stock has a 50 day moving average price of $10.09 and a 200-day moving average price of $9.78.

Genius Sports (NYSE:GENI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. During the same quarter last year, the firm posted ($0.11) EPS. The firm's revenue for the quarter was up 20.3% on a year-over-year basis. As a group, 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 initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 4.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Greenwood Capital Associates LLC increased its holdings in shares of Genius Sports by 1.8% in the second quarter. Greenwood Capital Associates LLC now owns 52,692 shares of the company's stock valued at $548,000 after purchasing an additional 937 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Genius Sports by 4.6% in the 1st quarter. Victory Capital Management Inc. now owns 24,854 shares of the company's stock valued at $249,000 after buying an additional 1,085 shares in the last quarter. Pacer Advisors Inc. increased its stake 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 worth $38,000 after acquiring an additional 1,430 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Genius Sports by 2.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 57,732 shares of the company's stock worth $578,000 after acquiring an additional 1,652 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Genius Sports by 9.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,849 shares of the company's stock valued at $259,000 after acquiring an additional 2,314 shares during the last quarter. 81.91% of the stock is 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.