Genius Sports (NYSE:GENI) Shares Gap Up to $5.42

Shares of Genius Sports Limited (NYSE:GENI) gapped up before the market opened on Wednesday . The stock had previously closed at $5.42, but opened at $5.73. Genius Sports shares last traded at $5.44, with a volume of 1,002,842 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GENI shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price objective on shares of Genius Sports in a report on Monday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of Genius Sports in a report on Thursday. JMP Securities boosted their price target on Genius Sports from $8.00 to $9.00 and gave the stock a “market outperform” rating in a report on Thursday. Benchmark reissued a “buy” rating and issued a $10.00 price target on shares of Genius Sports in a report on Thursday, March 7th. Finally, B. Riley started coverage on Genius Sports in a report on Friday, April 5th. They issued a “buy” rating and a $9.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $9.33.

Genius Sports Price Performance

The stock has a 50-day simple moving average of $5.67 and a 200-day simple moving average of $5.88. The stock has a market cap of $1.27 billion, a PE ratio of -13.62 and a beta of 1.98.

Genius Sports (NYSE:GENI) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). Genius Sports had a negative net margin of 20.71% and a negative return on equity of 12.67%. The firm had revenue of $119.72 million for the quarter, compared to analysts’ expectations of $116.53 million. During the same period last year, the firm posted ($0.12) EPS. Genius Sports’s revenue was up 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that Genius Sports Limited will post -0.13 EPS for the current year.

Institutional Investors Weigh In On Genius Sports

Institutional investors and hedge funds have recently modified their holdings of the stock. Voss Capital LLC purchased a new stake in shares of Genius Sports in the fourth quarter worth about $3,244,000. Wellington Management Group LLP boosted its position in shares of Genius Sports by 2,189.3% in the third quarter. Wellington Management Group LLP now owns 1,504,922 shares of the company’s stock worth $8,021,000 after buying an additional 1,439,184 shares during the period. ARK Investment Management LLC boosted its position in shares of Genius Sports by 9.9% in the fourth quarter. ARK Investment Management LLC now owns 6,914,013 shares of the company’s stock worth $42,729,000 after buying an additional 620,472 shares during the period. Trexquant Investment LP purchased a new stake in shares of Genius Sports in the third quarter worth about $1,366,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Genius Sports in the third quarter worth about $1,093,000. Hedge funds and other institutional investors 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.