Genius Sports (NYSE:GENI) Stock Price Up 8.9% – Here’s What Happened

Shares of Genius Sports Limited (NYSE:GENI) shot up 8.9% during trading on Monday . The stock traded as high as $6.34 and last traded at $6.4550. 648,691 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,219,253 shares. The stock had previously closed at $5.93.

Analyst Upgrades and Downgrades

GENI has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Genius Sports from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Wells Fargo & Company cut their price target on shares of Genius Sports from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Benchmark reaffirmed a “buy” rating on shares of Genius Sports in a research report on Thursday, March 5th. BTIG Research cut their price target on shares of Genius Sports from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, UBS Group reaffirmed a “buy” rating on shares of Genius Sports in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.68.

Genius Sports Stock Up 9.9%

The stock’s 50-day simple moving average is $4.76 and its 200 day simple moving average is $7.15. The firm has a market cap of $1.60 billion, a P/E ratio of -10.66 and a beta of 1.90.

Genius Sports (NYSE:GENI) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.12). Genius Sports had a negative net margin of 22.26% and a negative return on equity of 20.34%. The company had revenue of $187.95 million for the quarter, compared to analyst estimates of $170.60 million. During the same quarter in the prior year, the company posted ($0.03) EPS. Genius Sports’s revenue for the quarter was up 30.5% on a year-over-year basis. On average, research analysts forecast that Genius Sports Limited will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Genius Sports

Several institutional investors have recently made changes to their positions in GENI. Royal Bank of Canada raised its holdings in shares of Genius Sports by 17.6% during the first quarter. Royal Bank of Canada now owns 44,339 shares of the company’s stock valued at $444,000 after purchasing an additional 6,623 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Genius Sports by 10.0% in the 2nd quarter. Cetera Investment Advisers now owns 15,288 shares of the company’s stock worth $159,000 after purchasing an additional 1,388 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of Genius Sports in the 2nd quarter worth $266,000. Invesco Ltd. lifted its holdings in shares of Genius Sports by 3,584.2% in the 2nd quarter. Invesco Ltd. now owns 3,291,635 shares of the company’s stock worth $34,233,000 after purchasing an additional 3,202,290 shares in the last quarter. Finally, Frontier Capital Management Co. LLC bought a new position in shares of Genius Sports in the 2nd quarter worth $14,220,000. Institutional investors and hedge funds own 81.91% of the company’s stock.

Genius Sports Company Profile

Genius Sports is a global sports technology company that specializes in collecting, analyzing and distributing real-time sports data and video streams. The firm provides official data feeds, live video streaming solutions and digital engagement tools to sports leagues, federations, broadcasters and betting operators. By integrating data directly from sporting events through its network of field officials and proprietary technology, Genius Sports ensures accuracy and integrity for partners who rely on up-to-the-second information.

The company’s product suite includes a cloud-based platform for data capture and distribution, an integrity services offering designed to identify and mitigate match-fixing risks, and a suite of commercial products that power odds creation, in-game betting markets and fan engagement experiences.