Genius Sports (NYSE:GENI) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Genius Sports (NYSE:GENI) in a research note published on Thursday,Benzinga reports. They currently have a $13.00 price target on the stock.

Several other research firms have also issued reports on GENI. The Goldman Sachs Group increased their target price on Genius Sports from $11.00 to $12.50 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Lake Street Capital upped their price objective on Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Craig Hallum set a $15.00 price objective on Genius Sports in a research report on Tuesday, March 4th. Guggenheim assumed coverage on Genius Sports in a research report on Tuesday, March 18th. They issued a “buy” rating and a $12.00 target price for the company. Finally, B. Riley reissued a “buy” rating on shares of Genius Sports in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.19.

Genius Sports Stock Performance

NYSE GENI opened at $10.47 on Thursday. The stock’s fifty day moving average is $10.02 and its two-hundred day moving average is $9.53. The firm has a market capitalization of $2.25 billion, a P/E ratio of -32.72 and a beta of 1.87. Genius Sports has a fifty-two week low of $5.09 and a fifty-two week high of $11.40.

Genius Sports (NYSE:GENI) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Genius Sports had a negative return on equity of 14.11% and a negative net margin of 15.84%. The business had revenue of $143.99 million for the quarter, compared to analyst estimates of $143.31 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s quarterly revenue was up 20.3% on a year-over-year basis. As a group, sell-side analysts forecast that Genius Sports will post -0.1 EPS for the current year.

Genius Sports declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Genius Sports

Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in Genius Sports by 4.6% during the first quarter. Victory Capital Management Inc. now owns 24,854 shares of the company’s stock worth $249,000 after buying an additional 1,085 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Genius Sports by 2.7% in the fourth quarter. D.A. Davidson & CO. now owns 53,608 shares of the company’s stock valued at $464,000 after acquiring an additional 1,396 shares during the last quarter. Pacer Advisors Inc. lifted its stake 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. OneDigital Investment Advisors LLC lifted its stake in shares of Genius Sports by 2.9% during the first quarter. OneDigital Investment Advisors LLC now owns 57,732 shares of the company’s stock worth $578,000 after purchasing an additional 1,652 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Genius Sports by 9.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,849 shares of the company’s stock worth $259,000 after purchasing an additional 2,314 shares in the last quarter. 81.91% of the stock is owned by hedge funds and other institutional investors.

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.