JMP Securities Forecasts Strong Price Appreciation for Genius Sports (NYSE:GENI) Stock

Key Points

• JMP Securities has raised its price target for Genius Sports (NYSE:GENI) from $13.00 to $15.00, indicating a potential upside of 12.02% from its current price, while maintaining a "market outperform" rating.
• Despite a miss in earnings per share for the last quarter, Genius Sports reported a revenue increase of 24.4% year-over-year, amounting to $118.72 million.
• The company has garnered strong interest from institutional investors, with 81.91% of its shares owned by them, highlighting robust market confidence in its growth potential.

Genius Sports (NYSE:GENI - Get Free Report) had its price target lifted by stock analysts at JMP Securities from $13.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' price objective would indicate a potential upside of 12.02% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. B. Riley raised their price target on Genius Sports from $13.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Arete assumed coverage on Genius Sports in a report on Wednesday, July 9th. They set a "buy" rating and a $15.00 price objective on the stock. The Goldman Sachs Group increased their price objective on Genius Sports from $12.00 to $14.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Guggenheim set a $16.00 target price on Genius Sports and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Truist Financial initiated coverage on Genius Sports in a report on Tuesday, July 1st. They issued a "buy" rating and a $14.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Genius Sports has an average rating of "Buy" and an average target price of $14.13.

Genius Sports Trading Up 6.1%

Shares of Genius Sports stock opened at $13.39 on Wednesday. The stock has a 50-day moving average price of $11.47 and a 200 day moving average price of $10.40. The company has a market cap of $2.88 billion, a P/E ratio of -43.65 and a beta of 1.87. Genius Sports has a 1 year low of $6.72 and a 1 year high of $13.24.

Genius Sports (NYSE:GENI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $118.72 million for the quarter, compared to analysts' expectations of $118.28 million. During the same period last year, the business earned ($0.09) earnings per share. The firm's revenue for the quarter was up 24.4% on a year-over-year basis. On average, equities analysts forecast that Genius Sports will post -0.1 earnings per share for the current fiscal year.

Genius Sports declared that its board has approved a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Genius Sports

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position in Genius Sports by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 10,244,434 shares of the company's stock valued at $102,547,000 after purchasing an additional 2,076,590 shares during the last quarter. Voss Capital LP raised its position in Genius Sports by 17.0% in the 1st quarter. Voss Capital LP now owns 9,269,519 shares of the company's stock valued at $92,788,000 after purchasing an additional 1,346,087 shares during the last quarter. Cooper Creek Partners Management LLC raised its position in Genius Sports by 9.6% in the 2nd quarter. Cooper Creek Partners Management LLC now owns 9,191,865 shares of the company's stock valued at $95,595,000 after purchasing an additional 806,233 shares during the last quarter. Granahan Investment Management LLC raised its position in Genius Sports by 0.8% in the 4th quarter. Granahan Investment Management LLC now owns 7,963,691 shares of the company's stock valued at $68,886,000 after purchasing an additional 64,752 shares during the last quarter. Finally, Senvest Management LLC raised its position in Genius Sports by 1.4% in the 2nd quarter. Senvest Management LLC now owns 7,813,156 shares of the company's stock valued at $81,257,000 after purchasing an additional 107,083 shares during the last quarter. Institutional investors own 81.91% of the company's stock.

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.

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