Genius Sports (NYSE:GENI) Board Initiates Stock Repurchase Plan

Genius Sports (NYSE:GENI) announced that its board has authorized a stock repurchase plan on Tuesday, May 6th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Lake Street Capital increased their target price on shares of Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. BTIG Research lifted their price objective on shares of Genius Sports from $11.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Genius Sports in a research note on Monday, April 21st. They issued a “buy” rating and a $12.00 price objective for the company. The Goldman Sachs Group lifted their price target on Genius Sports from $11.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, March 5th. Finally, Craig Hallum set a $15.00 price objective on Genius Sports in a research note on Tuesday, March 4th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.19.

Genius Sports Stock Performance

Shares of NYSE GENI opened at $10.20 on Friday. Genius Sports has a fifty-two week low of $5.03 and a fifty-two week high of $11.40. The company has a market cap of $2.19 billion, a PE ratio of -31.86 and a beta of 1.96. The business has a 50-day simple moving average of $9.99 and a two-hundred day simple moving average of $9.21.

Genius Sports (NYSE:GENI) last released its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $143.99 million for the quarter, compared to the consensus estimate of $143.31 million. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. Genius Sports’s revenue was up 20.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. On average, sell-side analysts predict that Genius Sports will post -0.1 earnings per share for the current fiscal year.

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.