Genius Sports (NYSE:GENI) Trading Up 3.5% - Here's Why

Shares of Genius Sports Limited (NYSE:GENI - Get Free Report) rose 3.5% during trading on Thursday . The stock traded as high as $10.02 and last traded at $10.00. Approximately 513,122 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,036,308 shares. The stock had previously closed at $9.66.

Analyst Upgrades and Downgrades

GENI has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price objective on shares of Genius Sports from $11.00 to $12.50 and gave the stock a "buy" rating in a research report on Wednesday, March 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Genius Sports in a research note on Thursday. Craig Hallum set a $15.00 target price on Genius Sports in a research note on Tuesday, March 4th. BTIG Research lifted their target price on Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, April 22nd. Finally, Lake Street Capital boosted their price target on shares of Genius Sports from $10.50 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Genius Sports has an average rating of "Moderate Buy" and an average target price of $12.19.

Genius Sports Price Performance

The company has a market cap of $2.11 billion, a PE ratio of -30.57 and a beta of 1.87. The business's 50 day moving average is $10.04 and its 200-day moving average is $9.53.

Genius Sports (NYSE:GENI - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. The firm had revenue of $143.99 million during the quarter, compared to the consensus estimate of $143.31 million. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. The company's revenue was up 20.3% compared to the same quarter last year. As a group, sell-side analysts predict that Genius Sports Limited will post -0.1 EPS for the current fiscal year.

Genius Sports declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Genius Sports

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hodges Capital Management Inc. purchased a new stake in Genius Sports in the first quarter valued at approximately $2,152,000. 1060 Capital LLC acquired a new stake in Genius Sports during the 1st quarter worth $7,007,000. PharVision Advisers LLC acquired a new position in Genius Sports in the first quarter valued at $118,000. Nixon Capital LLC raised its holdings in shares of Genius Sports by 6.7% in the first quarter. Nixon Capital LLC now owns 1,038,629 shares of the company's stock valued at $10,397,000 after buying an additional 64,767 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Genius Sports by 1,579.0% in the first quarter. Millennium Management LLC now owns 2,766,206 shares of the company's stock valued at $27,690,000 after buying an additional 2,601,453 shares during the last quarter. 81.91% of the stock is currently owned by institutional investors and hedge funds.

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.