We recently published an article titled These 10 Stocks Defied Tuesday’s Bloodbath. In this article, we are going to take a look at where Genius Sports Limited (NYSE:GENI) stands against the other stocks.
The stock market fell further into negative territory on Tuesday as trade tensions between the US and its largest trading partners continued.
The Dow Jones fell the most, losing 1.55 percent, while the S&P 500 declined 1.22 percent. The Nasdaq dropped by 0.35 percent.
Following the start of President Donald Trump’s blanket 25-percent tax on goods from Canada and Mexico on Tuesday, and a 10-percent tax on Chinese imports, both Canada and China moved to retaliate with higher taxes on US imports. Mexico is also expected to follow suit.
Despite uncertainties, 10 companies managed to stay stronger, posting impressive gains mostly on the back of better earnings performance. In this article, we have detailed the reasons behind their gains.
To come up with Tuesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
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Genius Sports Limited (NYSE:GENI)
Genius Sports Limited (NYSE:GENI) rallied by 11.9 percent on Tuesday to end at $9.31 apiece following the company’s strong earnings performance last year, coupled with an optimistic outlook from an analyst.
In a statement, Genius Sports Limited (NYSE:GENI) said its net loss in the full year of 2024 narrowed by 26 percent to $63 million from $85.5 million in 2023, while revenues increased by 24 percent to $510.9 million from $413 million year-on-year.
Meanwhile, net loss in the fourth quarter alone shrunk by 26 percent to $28 million from $38 million as revenues grew by 38 percent to $175 million from $127 million.
Following its earnings, Benchmark analyst Mike Hickey gave Genius Sports Limited (NYSE:GENI) a price target of $12 while maintaining its “buy” rating. The adjustment was based on the company’s strong earnings performance and future growth potential.
Overall GENI ranks 2nd on our list of Tuesday’s top gainers. While we acknowledge the potential of GENI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GENI but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
