Genius Sports (NYSE:GENI) stock is on the rise Wednesday after an analyst initiated coverage of the sports data and tech company.
Credit Suisse analyst Benjamin Chaiken is behind today’s news with a new outperform rating for GENI stock. That matches the current consensus rating of buy, which comes from eight buy ratings and one hold rating.
Chaiken also kicks off coverage of GENI stock with a price target of $15 per share, which is a roughly 141% upside from yesterday’s close. For comparison, the consensus price target for GENI stock is $21.56.
So why is the Credit Suisse analyst taking a bull stance on GENI stock? Here’s what he said in a letter obtained by Seeking Alpha.
“We view GENI as an attractive way to gain leverage to the growth of global gaming revenue as well as the proliferation of in-game betting, which should drive upside to numbers.”
The new rating and price target for GENI stock is bringing a decent amount of trading to the shares today. As of this writing, more than 1.2 million shares of the stock have changed hands. That’s on its way to the company’s daily average trading volume of about 2.2 million shares.
GENI stock is up 6.9% as of Wednesday afternoon but is still down 15.5% since the start of the year.
Investors on the lookout for more stock market news today will want to keep reading!
InvestorPlace has all of the latest stock coverage that traders need to know about for Wednesday. That includes the deal boosting Zogenix (NASDAQ:ZGNX) stock higher, why Trump stocks are on the move, as well as what’s happening with Sony (NYSE:SONY) shares today. You can get up to speed on all of these matters at the following links!
More Stock Market News for Wednesday
- ZGNX Stock: The $1.9B UCB Deal That Has Zogenix Shares Zooming Higher Today
- Trump Stocks Alert: What Is Going on With DWAC, PHUN, CFVI, AIAD Stocks Today?
- SONY Stock: Why Sony Is Being Called a ‘Loser’ of the Microsoft-Activision Deal
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed