Genius Sports (NYSE:GENI) Upgraded at Arete Research

Arete Research upgraded shares of Genius Sports (NYSE:GENI - Free Report) to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on the stock. Truist Financial started coverage on shares of Genius Sports in a research note on Tuesday, July 1st. They issued a "buy" rating and a $14.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $13.00 price target on shares of Genius Sports in a research report on Thursday, June 12th. B. Riley restated a "buy" rating on shares of Genius Sports in a report on Wednesday, May 7th. Benchmark reiterated a "buy" rating and issued a $12.00 target price on shares of Genius Sports in a research note on Thursday, April 17th. Finally, BTIG Research lifted their target price on Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $12.63.

Genius Sports Price Performance

Shares of GENI stock traded down $0.24 during trading on Wednesday, reaching $10.25. The company had a trading volume of 4,112,892 shares, compared to its average volume of 3,367,620. The firm's 50 day simple moving average is $10.00 and its two-hundred day simple moving average is $9.64. Genius Sports has a one year low of $5.60 and a one year high of $11.40. The company has a market capitalization of $2.21 billion, a PE ratio of -53.95 and a beta of 1.86.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Genius Sports had a negative net margin of 8.54% and a negative return on equity of 6.90%. 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) earnings per share. The company's quarterly revenue was up 20.3% compared to the same quarter last year. Analysts forecast that Genius Sports will post -0.1 earnings per share for the current year.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in shares of Genius Sports in the fourth quarter valued at approximately $12,332,000. JPMorgan Chase & Co. increased its holdings in Genius Sports by 138.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company's stock valued at $14,264,000 after purchasing an additional 957,559 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Genius Sports by 62.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company's stock valued at $21,683,000 after purchasing an additional 833,335 shares during the last quarter. D.A. Davidson & CO. raised its position in Genius Sports by 67.0% in the 1st quarter. D.A. Davidson & CO. now owns 89,551 shares of the company's stock valued at $896,000 after purchasing an additional 35,943 shares during the last quarter. Finally, Nixon Capital LLC acquired a new position in Genius Sports in the fourth quarter worth $8,463,000. 81.91% of the stock is currently owned by institutional investors and hedge funds.

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.