Millrace Asset Group Inc. Invests $1.90 Million in Genius Sports Limited (NYSE:GENI)

Millrace Asset Group Inc. purchased a new position in Genius Sports Limited (NYSE:GENI - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 241,934 shares of the company's stock, valued at approximately $1,897,000. Genius Sports comprises 1.9% of Millrace Asset Group Inc.'s investment portfolio, making the stock its 21st largest position. Millrace Asset Group Inc. owned 0.11% of Genius Sports at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. FMR LLC lifted its stake in Genius Sports by 53.2% in the third quarter. FMR LLC now owns 7,219,874 shares of the company's stock valued at $56,604,000 after buying an additional 2,507,165 shares during the last quarter. D.A. Davidson & CO. acquired a new stake in shares of Genius Sports in the 3rd quarter worth about $409,000. Canton Hathaway LLC bought a new stake in Genius Sports in the 3rd quarter valued at about $161,000. Senvest Management LLC boosted its stake in Genius Sports by 12.2% during the 3rd quarter. Senvest Management LLC now owns 7,546,809 shares of the company's stock valued at $59,167,000 after purchasing an additional 819,385 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Genius Sports by 10.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,520,342 shares of the company's stock worth $58,959,000 after purchasing an additional 691,539 shares during the last quarter. Institutional investors and hedge funds own 81.91% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GENI. Macquarie lifted their price target on Genius Sports from $10.00 to $12.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Oppenheimer lifted their target price on Genius Sports from $10.00 to $12.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Needham & Company LLC reissued a "buy" rating and issued a $9.00 price target on shares of Genius Sports in a research note on Tuesday, November 12th. B. Riley raised their price target on Genius Sports from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Finally, Benchmark upped their price objective on shares of Genius Sports from $10.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $10.39.

Genius Sports Stock Up 4.6 %

Genius Sports stock traded up $0.43 during midday trading on Tuesday, hitting $9.77. The company's stock had a trading volume of 3,806,485 shares, compared to its average volume of 2,405,268. Genius Sports Limited has a 12 month low of $4.91 and a 12 month high of $10.15. The company has a market capitalization of $2.24 billion, a PE ratio of -30.53 and a beta of 1.98. The stock's 50-day moving average price is $7.84 and its 200-day moving average price is $6.76.

Genius Sports (NYSE:GENI - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.06. The business had revenue of $120.20 million for the quarter, compared to the consensus estimate of $118.94 million. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. The business's revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. As a group, equities analysts anticipate that Genius Sports Limited will post -0.16 EPS for the current year.

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.