Genius Sports (NYSE:GENI) Price Target Raised to $14.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has raised its target price for Genius Sports (NYSE:GENI) from $12.00 to $14.00, indicating a potential upside of 18.76%.
• Genius Sports recently reported a quarterly revenue of $118.72 million, exceeding analyst expectations, but posted an EPS of -$0.21, which was below consensus estimates.
• The company has initiated a $100 million stock buyback program, reflecting the board's belief that the shares are undervalued.

Genius Sports (NYSE:GENI - Get Free Report) had its target price hoisted by stock analysts at The Goldman Sachs Group from $12.00 to $14.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's target price points to a potential upside of 13.18% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. Arete started coverage on shares of Genius Sports in a report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 price target on the stock. Northland Capmk upgraded shares of Genius Sports to a "strong-buy" rating in a report on Friday, July 25th. JMP Securities set a $13.00 price objective on shares of Genius Sports and gave the stock a "market outperform" rating in a research note on Monday, June 30th. Needham & Company LLC raised their price objective on shares of Genius Sports from $13.00 to $16.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Arete Research raised shares of Genius Sports to a "strong-buy" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $13.69.

Genius Sports Stock Up 3.4%

Shares of Genius Sports stock traded up $0.41 during midday trading on Thursday, hitting $12.37. The company had a trading volume of 5,839,662 shares, compared to its average volume of 6,220,100. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -39.90 and a beta of 1.86. The company has a fifty day simple moving average of $10.41 and a 200 day simple moving average of $9.97. Genius Sports has a 12-month low of $6.37 and a 12-month high of $12.45.

Genius Sports (NYSE:GENI - Get Free Report) last issued 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). Genius Sports had a negative return on equity of 11.48% and a negative net margin of 13.94%. The business had revenue of $118.72 million during the quarter, compared to analyst estimates of $118.28 million. During the same quarter last year, the company posted ($0.09) EPS. Genius Sports's quarterly revenue was up 24.4% compared to the same quarter last year. As a group, analysts expect that Genius Sports will post -0.1 EPS for the current year.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in shares of Genius Sports in the first quarter valued at about $37,000. Pacer Advisors Inc. lifted its position in Genius Sports by 61.5% in the first quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock valued at $38,000 after buying an additional 1,430 shares during the last quarter. CWM LLC lifted its position in Genius Sports by 275.5% in the second quarter. CWM LLC now owns 3,980 shares of the company's stock valued at $41,000 after buying an additional 2,920 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new position in Genius Sports in the fourth quarter valued at about $58,000. Finally, FNY Investment Advisers LLC acquired a new position in Genius Sports in the second quarter valued at about $75,000. 81.91% of the stock is owned by hedge funds and other 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.