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Why SPAC dMY Technology Group II Surged 22% Today

Why SPAC dMY Technology Group II Surged 22% Today

Shares of dMY Technology Group II (NYSE: 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.

Latest Ratings for DMYD

Feb 2021BenchmarkInitiates Coverage OnBuy

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