Truist Financial Cuts Genius Sports (NYSE:GENI) Price Target to $10.00

Key Points

• Truist Financial cut its price target on Genius Sports from $13 to $10 while maintaining a "buy" rating, a target that implies roughly a 102% upside from the stock's prior close.
• Other brokers have also trimmed targets, but the consensus remains a Moderate Buy with an average analyst target of $12.50 (analyst mix: 3 Strong Buy, 13 Buy, 2 Hold, 1 Sell).
• Shares trade around $4.94 after Genius reported a quarterly EPS miss (-$0.08 vs $0.02 est) while beating revenue estimates with $240.5M (+37% YoY), leaving the company growing revenue but still reporting negative margins.

Genius Sports (NYSE:GENI - Get Free Report) had its target price dropped by research analysts at Truist Financial from $13.00 to $10.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price objective indicates a potential upside of 102.27% from the stock's previous close.

A number of other brokerages have also recently weighed in on GENI. Oppenheimer dropped their price target on Genius Sports from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Citigroup dropped their target price on Genius Sports from $11.00 to $9.00 and set a "buy" rating on the stock in a research report on Thursday, April 2nd. Wall Street Zen upgraded Genius Sports from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. UBS Group reissued a "buy" rating on shares of Genius Sports in a report on Wednesday, March 4th. Finally, Needham & Company LLC dropped their price objective on shares of Genius Sports from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Genius Sports has an average rating of "Moderate Buy" and an average target price of $12.50.

Genius Sports Price Performance

Shares of GENI opened at $4.94 on Tuesday. The stock has a market capitalization of $1.22 billion, a PE ratio of -11.50 and a beta of 2.08. The business's fifty day moving average price is $5.18 and its 200 day moving average price is $8.58. Genius Sports has a 12-month low of $3.83 and a 12-month high of $13.73.

Genius Sports (NYSE:GENI - Get Free Report) last issued its earnings results on Thursday, March 5th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.10). The business had revenue of $240.50 million for the quarter, compared to analyst estimates of $234.94 million. Genius Sports had a negative return on equity of 13.66% and a negative net margin of 16.67%.The firm's revenue for the quarter was up 37.0% on a year-over-year basis. During the same period last year, the company posted ($0.12) earnings per share.

Hedge Funds Weigh In On Genius Sports

Hedge funds have recently modified their holdings of the company. UMB Bank n.a. acquired a new stake in shares of Genius Sports in the fourth quarter valued at $63,000. Aster Capital Management DIFC Ltd bought a new stake in Genius Sports in the third quarter worth about $65,000. Strs Ohio lifted its holdings in Genius Sports by 178.9% in the 3rd quarter. Strs Ohio now owns 5,300 shares of the company's stock valued at $66,000 after acquiring an additional 3,400 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Genius Sports by 1,163.1% during the 3rd quarter. Bessemer Group Inc. now owns 7,010 shares of the company's stock valued at $87,000 after purchasing an additional 6,455 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Genius Sports by 106.3% during the 3rd quarter. CWM LLC now owns 8,209 shares of the company's stock valued at $102,000 after purchasing an additional 4,229 shares in the last quarter. 81.91% of the stock is currently owned by institutional investors and hedge funds.

About Genius Sports

Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information.

The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences.

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