Genius Sports (NYSE:GENI) Hits New 52-Week High – Time to Buy?

Genius Sports Limited (NYSE:GENI)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.66 and last traded at $9.39, with a volume of 1994873 shares traded. The stock had previously closed at $8.08.

Analysts Set New Price Targets

GENI has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $9.00 price objective on shares of Genius Sports in a research report on Tuesday. The Goldman Sachs Group increased their price objective on shares of Genius Sports from $7.50 to $8.50 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Macquarie decreased their price target on Genius Sports from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Thursday, July 18th. B. Riley lifted their target price on Genius Sports from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Benchmark restated a “buy” rating and set a $10.00 price target on shares of Genius Sports in a report on Friday, October 11th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Genius Sports has an average rating of “Buy” and an average target price of $9.45.

Genius Sports Stock Up 18.8 %

The company has a 50-day moving average of $7.48 and a 200 day moving average of $6.49. The firm has a market capitalization of $2.20 billion, a PE ratio of -22.23 and a beta of 1.98.

Institutional Investors Weigh In On Genius Sports

Several institutional investors and hedge funds have recently modified their holdings of GENI. Divisadero Street Capital Management LP bought a new stake in shares of Genius Sports during the second quarter valued at approximately $11,233,000. Massachusetts Financial Services Co. MA increased its position in Genius Sports by 28.2% during 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 stake in shares of Genius Sports during the second quarter valued at approximately $6,575,000. Rice Hall James & Associates LLC bought a new position in shares of Genius Sports during the 2nd quarter valued at $5,521,000. Finally, AYAL Capital Advisors Ltd purchased a new position in shares of Genius Sports in the 2nd quarter worth $4,635,000. 81.91% of the stock is owned by hedge funds and other institutional investors.

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.