Why Genius Sports Ltd. (GENI) Went Up Last Week?

We recently published a list of Last Week’s 10 Best-Performing Stocks. In this article, we are going to take a look at where Genius Sports Ltd. (NYSE:GENI) stands against other last week’s best-performing stocks.

Ten firms outperformed Wall Street’s three major indices over the past week, clocking in double-digit gains on the back of a flurry of company developments that sparked buying appetite.

On a week-on-week basis, the Dow Jones rallied by 1.19 percent, the S&P 500 increased 0.5 percent, and the tech-heavy Nasdaq inched up 0.16 percent.

Meanwhile, 10 firms finished stronger with gains of 10 to 20 percent. In this article, let’s explore the names of last week’s best performers and the reasons behind their rallies.

To come up with the list, we only considered the stocks with at least a $2 billion market capitalization and $5 million in trading volume.

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Genius Sports Ltd. (NYSE:GENI)

Shares of Genius Sports jumped by 13.27 percent week-on-week to end at $10.41 on Friday versus the $9.19 recorded on March 14, as investors cheered its recently inked partnership with GRID Esports and Bayes Esports to deliver sportsbook a more robust, official, and low-latency data pipeline for some of the most bet-on esports title globally.

Under the agreement, GENI would gain exclusive access to official live data from major esports titles such as League of Legends and Valorant.

The partnership also covers Rainbow Six, along with data sets from top-tier tournaments in CounterStrike 2 and Dota 2.

Meanwhile, GENI also strengthened its live data capabilities with Bayes Esports which holds exclusive partnerships with ESL FACEIT Group and other top-tier tournament organizers.

“With GRID and Bayes on board, we can now offer sportsbooks a premium, all-in-one esports product backed by the most reliable data in the space,” said GENI Global Partnerships Director Matt Stephenson.

Overall, GENI ranks 7th on our list of last week’s best-performing stocks. 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 as promising as 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.