Genius Sports (NYSE:GENI) Sets New 12-Month High – Time to Buy?

Genius Sports Limited (NYSE:GENI) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $13.18 and last traded at $13.21, with a volume of 147562 shares trading hands. The stock had previously closed at $12.93.

Analysts Set New Price Targets

GENI has been the topic of a number of recent research reports. B. Riley increased their price objective on Genius Sports from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Needham & Company LLC increased their price objective on Genius Sports from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Northland Capmk upgraded Genius Sports to a “strong-buy” rating in a research report on Friday, July 25th. Macquarie increased their price objective on Genius Sports from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Finally, Arete Research upgraded Genius Sports to a “strong-buy” rating in a research report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $14.00.

Genius Sports Stock Performance

The stock’s 50-day moving average is $11.11 and its 200 day moving average is $10.26. The firm has a market cap of $2.82 billion, a P/E ratio of -42.25 and a beta of 1.86.

Genius Sports (NYSE:GENI) last released 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 business 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 11.48% and a negative net margin of 13.94%.The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.09) EPS. On average, research analysts anticipate that Genius Sports Limited will post -0.1 EPS for the current year.

Genius Sports announced that its board has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Genius Sports

A number of hedge funds have recently modified their holdings of GENI. Quarry LP acquired a new stake in shares of Genius Sports during the first quarter worth about $37,000. Pacer Advisors Inc. boosted its stake in Genius Sports by 61.5% in the 1st quarter. Pacer Advisors Inc. now owns 3,754 shares of the company’s stock worth $38,000 after purchasing an additional 1,430 shares during the period. CWM LLC boosted its stake in Genius Sports by 275.5% in the 2nd quarter. CWM LLC now owns 3,980 shares of the company’s stock worth $41,000 after purchasing an additional 2,920 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in Genius Sports in the 4th quarter worth $58,000. Finally, FNY Investment Advisers LLC acquired a new position in Genius Sports in the 2nd quarter worth $75,000. Institutional investors and hedge funds own 81.91% of the company’s stock.

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.