Needham & Company LLC Boosts Genius Sports (NYSE:GENI) Price Target to $16.00

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 - Get Free Report) had its price objective upped by stock analysts at Needham & Company LLC from $13.00 to $16.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 37.36% from the stock's previous close.

Several other analysts have also recently commented on GENI. Deutsche Bank Aktiengesellschaft began coverage on shares of Genius Sports in a research note on Monday, April 21st. They set a "buy" rating and a $12.00 price objective for the company. JMP Securities set a $13.00 target price on shares of Genius Sports and gave the company a "market outperform" rating in a research report on Monday, June 30th. BTIG Research increased their price target on Genius Sports from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Arete Research raised Genius Sports to a "strong-buy" rating in a report on Wednesday, July 9th. Finally, Benchmark restated a "buy" rating and issued a $12.00 target price on shares of Genius Sports in a research note on Thursday, April 17th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $13.03.

Genius Sports Trading Down 4.7%

Shares of GENI opened at $11.65 on Wednesday. The firm has a fifty day moving average price of $10.31 and a 200-day moving average price of $9.91. The firm has a market capitalization of $2.51 billion, a P/E ratio of -61.31 and a beta of 1.86. 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) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.17). The firm had revenue of $118.72 million for the quarter, compared to analyst estimates of $118.28 million. Genius Sports had a negative return on equity of 6.90% and a negative net margin of 8.54%. The business's revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. Analysts predict that Genius Sports will post -0.1 earnings per share for the current year.

Genius Sports announced that its board has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Genius Sports during the first quarter valued at approximately $37,000. Pacer Advisors Inc. increased its position in shares of Genius Sports by 61.5% during the first quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock worth $38,000 after purchasing an additional 1,430 shares in the last quarter. CWM LLC raised its stake in Genius Sports by 275.5% in the 2nd quarter. CWM LLC now owns 3,980 shares of the company's stock valued at $41,000 after purchasing an additional 2,920 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in Genius Sports in the 4th quarter valued at $58,000. Finally, FNY Investment Advisers LLC purchased a new position in Genius Sports in the 2nd quarter valued at $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.

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