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Genius Sports (GENI) Up 25.7% on NFL Deal: Should You Hold?
Genius Sports Limited (GENI - Free Report) recently announced that it has struck a deal to extend its exclusive partnership with the National Football League (“NFL”) for an additional five seasons. This makes Genius Sports the only sports betting platform to distribute and use NFL's official live gaming data. This move is likely to solidify the company’s position as the go-to platform for all American football fans for placing bets and following live statistics.
This sparked a 25.7% surge in its stock’s price, reversing a pre-market decline.
GENI is a player in the Internet content sector that develops and sells tech-intensive products and services to the sports, sports betting and sports media industries.
Founded in 2016 following a merger between Betgenius, a technology and data supplier to the betting industry, and SportingPulse International, Genius Sports is part of the Zacks Internet – Content industry.
GENI currently carries a current Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for the company’s 2023 sales indicates 17.6% growth from the year-ago reported number. The consensus mark for the year’s earnings suggests a solid 33.3% year-over-year growth and an even better 36.5% for next year. The current-year earnings for industry peers like Shutterstock, Inc. (SSTK - Free Report) and Brightcove Inc. (BCOV - Free Report) , both of which also carry a Zacks Rank #3, are expected to grow a modest 6.2% and decline 108.7%, respectively.
What also makes Genius Sports a good investment case is its low price entry point and recent sales and earnings momentum. In 2023, its share price has been on a fast move northward, with a surge of 104.5% year to date. In comparison, share prices of Shutterstock and Brightcove have fallen 6.3% and 21%, respectively.
Bottom Line
With this new football deal and solid revenue and earnings numbers in the recent past to back it up, Genius Sports looks set to outperform its industry and competitors in the months to come.