ARK Investment Management LLC Sells 1,582,319 Shares of Genius Sports Limited (NYSE:GENI)

ARK Investment Management LLC lowered its holdings in shares of Genius Sports Limited (NYSE:GENI) by 25.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,678,655 shares of the company’s stock after selling 1,582,319 shares during the period. ARK Investment Management LLC’s holdings in Genius Sports were worth $36,681,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its holdings in shares of Genius Sports by 28.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,828,803 shares of the company’s stock worth $37,217,000 after purchasing an additional 1,502,958 shares during the period. Divisadero Street Capital Management LP bought a new stake in Genius Sports in the second quarter valued at $11,233,000. Hood River Capital Management LLC raised its holdings in Genius Sports by 6.0% in the 2nd quarter. Hood River Capital Management LLC now owns 2,026,873 shares of the company’s stock worth $11,046,000 after purchasing an additional 114,490 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Genius Sports in the 2nd quarter worth about $6,575,000. Finally, Silvercrest Asset Management Group LLC boosted its stake in shares of Genius Sports by 4.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,159,465 shares of the company’s stock valued at $6,621,000 after purchasing an additional 50,482 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on GENI. Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Genius Sports in a report on Tuesday, August 6th. B. Riley boosted their price target on Genius Sports from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Macquarie lowered their price objective on Genius Sports from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Thursday, July 18th. Benchmark reissued a “buy” rating and issued a $10.00 target price on shares of Genius Sports in a research note on Friday, October 11th. Finally, The Goldman Sachs Group raised their price target on Genius Sports from $7.50 to $8.50 and gave the company a “buy” rating in a report on Thursday, August 8th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Genius Sports currently has a consensus rating of “Buy” and an average target price of $9.45.

Genius Sports Stock Performance

Shares of NYSE:GENI opened at $7.74 on Friday. The stock’s 50-day simple moving average is $7.47 and its two-hundred day simple moving average is $6.43. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -18.00 and a beta of 1.98. Genius Sports Limited has a 52-week low of $4.73 and a 52-week high of $8.64.

Genius Sports (NYSE:GENI) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06). Genius Sports had a negative return on equity of 15.30% and a negative net margin of 21.93%. The business had revenue of $95.50 million during the quarter, compared to analysts’ expectations of $94.15 million. During the same period in the previous year, the business posted ($0.05) EPS. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts forecast that Genius Sports Limited will post -0.2 earnings per share for the current fiscal year.

Genius Sports Company Profile

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.