Needham & Company LLC Reaffirms “Buy” Rating for Genius Sports (NYSE:GENI)

Genius Sports (NYSE:GENI)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $13.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 32.88% from the stock’s current price.

A number of other equities research analysts have also recently commented on GENI. Deutsche Bank Aktiengesellschaft started coverage on shares of Genius Sports in a research note on Monday, April 21st. They set a “buy” rating and a $12.00 target price on the stock. Lake Street Capital raised their target price on shares of Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. BTIG Research raised their target price on shares of Genius Sports from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, April 22nd. Craig Hallum set a $15.00 target price on shares of Genius Sports in a research note on Tuesday, March 4th. Finally, Guggenheim started coverage on shares of Genius Sports in a research note on Tuesday, March 18th. They set a “buy” rating and a $12.00 target price on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.19.

Genius Sports Stock Performance

GENI stock opened at $9.78 on Thursday. Genius Sports has a fifty-two week low of $5.09 and a fifty-two week high of $11.40. The business’s 50-day moving average is $10.04 and its two-hundred day moving average is $9.53. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -30.57 and a beta of 1.87.

Genius Sports (NYSE:GENI) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping 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 firm had revenue of $143.99 million for the quarter, compared to the consensus estimate of $143.31 million. During the same quarter last year, the company earned ($0.11) earnings per share. The business’s revenue for the quarter was up 20.3% compared to the same quarter last year. Equities analysts predict that Genius Sports will post -0.1 earnings per share 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 buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 4.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Genius Sports

Several institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Genius Sports in the 1st quarter worth approximately $37,000. Pacer Advisors Inc. boosted its holdings in shares of 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. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Genius Sports in the 4th quarter worth approximately $58,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of Genius Sports by 39.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 12,182 shares of the company’s stock worth $105,000 after purchasing an additional 3,429 shares during the period. Finally, Park National Corp OH purchased a new position in shares of Genius Sports in the 1st quarter worth approximately $107,000. Hedge funds and other institutional investors own 81.91% of the company’s stock.

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.