B. Riley Bullish on Genius Sports, Sets $12 Target

Genius Sports stock (NYSE: GENI) is trading up 2.64% in the pre-market, propelled by the positive coverage from B. Riley analyst Josh Nichols. The analyst highlighting Genius Sports as a prime vehicle for participating in the burgeoning global sports betting and media sectors without the need to wager on individual winners in the fiercely competitive business-to-consumer arena.

According to Nichols, Genius Sports has invested considerably in expanding its network and technology prowess, culminating in a shift to free cash flow profitability—an important milestone for the firm. With the achievement of this critical inflection point, B. Riley affirms its Buy rating and sets a generous $12 price target for the company's shares.

Founded in 2001 and headquartered in London, United Kingdom, Genius Sports Limited operates within the Internet Content & Information sector, as part of the broader Communication Services industry. The company is focused on developing and selling technology-led products and services for the sports, sports betting, and sports media industries. Its primary services include the collection, integration, and distribution of live sports league data, streaming solutions, and end-to-end integrity services aimed at ensuring the probity of sports leagues.

The company holds a market capitalization of around $2.21 billion, with a 52-week range of $4.91 and $10.33, hinting at both volatility and growth potential.

The internal and external investment perspectives on Genius Sports are significant, with insiders holding 10.11% of the stock and institutions holding a commanding 83.27%. Currently, the company has around 232.77 million shares outstanding and a float of 188.49 million shares. With 13 analysts offering opinions, the consensus mean price target is $12.19, supporting a ‘strong buy' recommendation.

The upward adjustment of Genius Sports' price target by B. Riley underscores the investment firm's strong belief in the company's growth trajectory, which is backed by strategic investments in technology infrastructure and a substantial presence in the rapidly expanding sports betting market. With a ‘strong buy' rating, Genius Sports is well-positioned to harness the opportunities of the evolving digital landscape within the sports and betting industries.