Genius Sports (NYSE:GENI) Given New $16.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC raised its price target for Genius Sports (NYSE:GENI) from $13.00 to $16.00, indicating a potential upside of 37.36% from the current stock price, while maintaining a "buy" rating.
• Genius Sports reported a Q2 loss of ($0.21) EPS, missing estimates, although revenue was up 24.4% year-over-year at $118.72 million.
• The company has initiated a $100 million share buyback program, signaling management's belief that the stock is undervalued, with institutional investors owning 81.91% of the shares.

Genius Sports (NYSE:GENI - Free Report) had its target price upped by Needham & Company LLC from $13.00 to $16.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on GENI. JMP Securities set a $13.00 target price on shares of Genius Sports and gave the stock a "market outperform" rating in a research report on Monday, June 30th. Arete Research raised shares of Genius Sports to a "strong-buy" rating in a research report on Wednesday, July 9th. Arete began coverage on shares of Genius Sports in a research report on Wednesday, July 9th. They issued a "buy" rating and a $15.00 target price for the company. Northland Capmk raised shares of Genius Sports to a "strong-buy" rating in a research report on Friday, July 25th. Finally, BTIG Research lifted their price target on shares of Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $13.69.

Genius Sports Stock Performance

NYSE GENI traded down $0.02 on Wednesday, hitting $12.37. The stock had a trading volume of 3,039,764 shares, compared to its average volume of 4,253,102. Genius Sports has a 52-week low of $6.37 and a 52-week high of $12.75. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -39.86 and a beta of 1.86. The firm has a 50-day moving average of $10.41 and a 200-day moving average of $9.97.

Genius Sports (NYSE:GENI - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share (EPS) 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 firm had revenue of $118.72 million during the quarter, compared to analysts' expectations of $118.28 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The business's revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, research analysts anticipate that Genius Sports will post -0.1 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Genius Sports

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in Genius Sports by 138.5% during the fourth 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. Envestnet Asset Management Inc. grew its holdings in Genius Sports by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company's stock worth $143,000 after acquiring an additional 3,548 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Genius Sports during the 4th quarter worth about $3,476,000. Renaissance Technologies LLC bought a new position in Genius Sports during the 4th quarter worth about $253,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Genius Sports during the fourth quarter valued at about $1,834,000. Hedge funds and other institutional investors own 81.91% of the company's stock.

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.