Millennium Management LLC Makes New Investment in Genius Sports Limited (NYSE:GENI)

Millennium Management LLC acquired a new position in shares of Genius Sports Limited (NYSE:GENI) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 164,753 shares of the company’s stock, valued at approximately $1,425,000. Millennium Management LLC owned 0.08% of Genius Sports as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. D.A. Davidson & CO. boosted its position in Genius Sports by 2.7% in the 4th quarter. D.A. Davidson & CO. now owns 53,608 shares of the company’s stock valued at $464,000 after buying an additional 1,396 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Genius Sports by 39.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 12,182 shares of the company’s stock valued at $105,000 after purchasing an additional 3,429 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Genius Sports by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,582 shares of the company’s stock valued at $143,000 after buying an additional 3,548 shares during the period. Arete Wealth Advisors LLC boosted its stake in shares of Genius Sports by 29.5% in the 4th quarter. Arete Wealth Advisors LLC now owns 18,900 shares of the company’s stock valued at $163,000 after buying an additional 4,300 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Genius Sports by 22.2% in the 4th quarter. Victory Capital Management Inc. now owns 23,769 shares of the company’s stock valued at $206,000 after buying an additional 4,321 shares during the period. Hedge funds and other institutional investors own 81.91% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GENI. B. Riley reiterated a “buy” rating on shares of Genius Sports in a research note on Wednesday, May 7th. Guggenheim assumed coverage on shares of Genius Sports in a research report on Tuesday, March 18th. They set a “buy” rating and a $12.00 price objective for the company. Lake Street Capital lifted their price objective on shares of Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. BTIG Research lifted their price target on Genius Sports from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, April 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Genius Sports in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.19.

Genius Sports Trading Up 0.2%

GENI stock opened at $9.44 on Wednesday. The stock has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $9.51. Genius Sports Limited has a 12-month low of $5.06 and a 12-month high of $11.40. The company has a market cap of $2.03 billion, a PE ratio of -29.48 and a beta of 1.96.

Genius Sports (NYSE:GENI) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. The firm had revenue of $143.99 million during the quarter, compared to analysts’ expectations of $143.31 million. During the same period in the prior year, the company earned ($0.11) EPS. The firm’s revenue was up 20.3% on a year-over-year basis. Equities analysts forecast that Genius Sports Limited will post -0.1 EPS for the current fiscal year.

Genius Sports declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Genius Sports 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.