Polar Asset Management Partners Inc. Takes Position in Genius Sports Limited (NYSE:GENI)

Polar Asset Management Partners Inc. purchased a new stake in Genius Sports Limited (NYSE:GENI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 934,100 shares of the company’s stock, valued at approximately $8,080,000.

Several other hedge funds also recently made changes to their positions in GENI. Raymond James Financial Inc. purchased a new position in Genius Sports during the fourth quarter worth about $12,332,000. JPMorgan Chase & Co. grew its position in Genius Sports by 138.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,649,007 shares of the company’s stock worth $14,264,000 after buying an additional 957,559 shares in the last quarter. Perigon Wealth Management LLC purchased a new position in Genius Sports during the fourth quarter worth about $136,000. D.A. Davidson & CO. grew its position in Genius Sports by 2.7% during the fourth quarter. D.A. Davidson & CO. now owns 53,608 shares of the company’s stock worth $464,000 after buying an additional 1,396 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Genius Sports during the fourth quarter worth about $11,292,000. 81.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on GENI. The Goldman Sachs Group boosted their target price on Genius Sports from $11.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. Craig Hallum set a $15.00 price objective on Genius Sports in a report on Tuesday, March 4th. Lake Street Capital upped their price objective on Genius Sports from $10.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Genius Sports in a report on Tuesday, May 6th. Finally, B. Riley restated a “buy” rating on shares of Genius Sports in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Genius Sports currently has an average rating of “Moderate Buy” and a consensus target price of $12.19.

Genius Sports Stock Performance

NYSE GENI opened at $10.00 on Friday. Genius Sports Limited has a fifty-two week low of $5.03 and a fifty-two week high of $11.40. The stock has a 50 day simple moving average of $10.06 and a two-hundred day simple moving average of $9.32. The stock has a market cap of $2.15 billion, a P/E ratio of -31.25 and a beta of 1.96.

Genius Sports (NYSE:GENI) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) earnings per share 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 business had revenue of $143.99 million during the quarter, compared to analysts’ expectations of $143.31 million. During the same quarter last year, the business posted ($0.11) EPS. The business’s revenue was up 20.3% on a year-over-year basis. Sell-side analysts predict that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy 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 shares are undervalued.

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.