Shares of dMY Technology Group II DMYD are trading higher on an analyst rating change and continued strength of sports betting.
What To Know: The SPAC is merging with Genius Sports. On Wednesday, the stock got a new Buy rating and $25 price target from Craig Hallum.
Genius Sports provides league data that is critical for in-game betting. The company has deals with over 150 sportsbooks and has a duopoly with Sportradar as the main two providers of sports data to sports betting companies.
Related Link: Genius Sports SPAC: A Look At The Thing Behind The Thing For Sports Betting
Why It's Important: The state of Michigan, the 10th largest state by population, is launching online sports betting on Friday, which could benefit a company like dMY Technology Group II.
Shares of dMY Technology Group II were up 22% to $20.41 on Wednesday, hitting new 52-week highs.
Benzinga interviewed dMY Technology Group CEO Niccolo de Masi back in December to get his thoughts on the growth of Genius Sports.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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