Genius Sports (NYSE:GENI) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Genius Sports (NYSE:GENI) from a hold rating to a sell rating in a research report released on Saturday.

Several other brokerages have also recently commented on GENI. Arete Research raised Genius Sports to a “strong-buy” rating in a report on Wednesday, July 9th. Citigroup reissued an “outperform” rating on shares of Genius Sports in a research note on Monday, June 30th. JMP Securities set a $13.00 target price on Genius Sports and gave the company a “market outperform” rating in a research note on Monday, June 30th. Macquarie boosted their price target on shares of Genius Sports from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, Guggenheim set a $16.00 price objective on shares of Genius Sports and gave the company a “buy” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.69.

Genius Sports Stock Up 1.1%

Shares of NYSE:GENI opened at $12.52 on Friday. The company’s 50-day moving average price is $10.47 and its 200 day moving average price is $10.00. The company has a market cap of $2.70 billion, a PE ratio of -40.40 and a beta of 1.86. Genius Sports has a fifty-two week low of $6.37 and a fifty-two week high of $12.75.

Genius Sports (NYSE:GENI) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.21) earnings per share 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 the consensus estimate of $118.28 million. Genius Sports had a negative net margin of 13.94% and a negative return on equity of 11.48%. The business’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period last year, the firm posted ($0.09) EPS. As a group, equities analysts anticipate that Genius Sports will post -0.1 EPS for the current year.

Genius Sports declared that its board has approved a share repurchase program on Tuesday, May 6th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Genius Sports

Several large investors have recently added to or reduced their stakes in GENI. JPMorgan Chase & Co. lifted its position in shares of Genius Sports by 138.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company’s stock worth $14,264,000 after purchasing an additional 957,559 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Genius Sports by 62.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,161,843 shares of the company’s stock valued at $21,683,000 after buying an additional 833,335 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Genius Sports by 67.0% during the 1st quarter. D.A. Davidson & CO. now owns 89,551 shares of the company’s stock valued at $896,000 after acquiring an additional 35,943 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Genius Sports by 194.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 48,904 shares of the company’s stock valued at $490,000 after acquiring an additional 32,322 shares in the last quarter. Finally, Greenwood Capital Associates LLC acquired a new position in shares of Genius Sports in the first quarter worth $518,000. 81.91% of the stock is owned by institutional investors and hedge funds.

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.