The Goldman Sachs Group Forecasts Strong Price Appreciation for Genius Sports (NYSE:GENI) Stock

Genius Sports (NYSE:GENI) had its target price upped by equities researchers at The Goldman Sachs Group from $8.50 to $11.50 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 18.68% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Benchmark raised their target price on Genius Sports from $10.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $9.00 target price on shares of Genius Sports in a research note on Tuesday. Macquarie increased their price objective on shares of Genius Sports from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Wednesday. Oppenheimer raised their target price on shares of Genius Sports from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, B. Riley upped their price target on shares of Genius Sports from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $10.55.

Genius Sports Price Performance

GENI traded up $0.10 during trading on Thursday, hitting $9.69. The stock had a trading volume of 980,073 shares, compared to its average volume of 2,368,555. The company has a 50 day moving average price of $7.58 and a 200-day moving average price of $6.54. Genius Sports has a one year low of $4.91 and a one year high of $10.15. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -30.28 and a beta of 1.98.

Genius Sports (NYSE:GENI) last announced its earnings results on Tuesday, November 12th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $120.20 million for the quarter, compared to analyst estimates of $118.94 million. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.09%. The business’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.06) EPS. As a group, sell-side analysts predict that Genius Sports will post -0.2 EPS for the current fiscal year.

Institutional Trading of Genius Sports

Hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in Genius Sports by 53.2% in the third quarter. FMR LLC now owns 7,219,874 shares of the company’s stock worth $56,604,000 after purchasing an additional 2,507,165 shares during the period. Divisadero Street Capital Management LP bought a new stake in Genius Sports in the 2nd quarter valued at about $11,233,000. Massachusetts Financial Services Co. MA increased its position in Genius Sports by 28.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,828,803 shares of the company’s stock valued at $37,217,000 after buying an additional 1,502,958 shares in the last quarter. Bank of Montreal Can bought a new position in Genius Sports in the second quarter worth approximately $6,575,000. Finally, Rice Hall James & Associates LLC acquired a new stake in Genius Sports in the second quarter valued at approximately $5,521,000. 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.