Sportradar Group (NASDAQ:SRAD) Price Target Cut to $22.00 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Sportradar Group’s price target from $24 to $22 while maintaining a “buy” rating, implying roughly 84% upside from the prior close.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $18.22, though several firms have recently reduced their targets.
• Sportradar shares fell 0.5% to $11.94, near their 52-week low, while the company reported quarterly revenue of $431.19 million and analysts project full-year EPS of $0.22.

Sportradar Group (NASDAQ:SRAD - Get Free Report) had its price objective lowered by stock analysts at Canaccord Genuity Group from $24.00 to $22.00 in a report released on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 84.33% from the company's previous close.

A number of other research analysts have also weighed in on the company. Citizens Jmp reduced their price objective on Sportradar Group from $24.00 to $20.00 and set a "market outperform" rating for the company in a research report on Tuesday, August 4th. Citigroup reissued a "market outperform" rating on shares of Sportradar Group in a report on Tuesday, September 8th. Morgan Stanley dropped their target price on Sportradar Group from $15.00 to $13.50 and set an "equal weight" rating on the stock in a report on Monday. Needham & Company LLC cut their target price on Sportradar Group from $23.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Finally, Wolfe Research assumed coverage on Sportradar Group in a report on Wednesday, September 2nd. They set an "outperform" rating and a $22.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $18.22.

Sportradar Group Stock Down 0.5%

Shares of Sportradar Group stock traded down $0.06 during trading on Friday, hitting $11.94. The company's stock had a trading volume of 261,951 shares, compared to its average volume of 2,782,931. Sportradar Group has a 52 week low of $11.39 and a 52 week high of $27.74. The company has a market capitalization of $3.57 billion, a PE ratio of 199.12 and a beta of 1.59. The company has a fifty day simple moving average of $12.59 and a two-hundred day simple moving average of $13.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.98 and a current ratio of 0.98.

Sportradar Group (NASDAQ:SRAD - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.01) EPS for the quarter. The business had revenue of $431.19 million for the quarter. Sportradar Group had a return on equity of 1.89% and a net margin of 1.23%. Equities research analysts predict that Sportradar Group will post 0.22 earnings per share for the current year.

Institutional Investors Weigh In On Sportradar Group

Large investors have recently added to or reduced their stakes in the stock. Spruce House Investment Management LLC bought a new position in shares of Sportradar Group during the 1st quarter valued at $46,035,000. The Manufacturers Life Insurance Company grew its stake in shares of Sportradar Group by 963.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,463,421 shares of the company's stock valued at $41,238,000 after purchasing an additional 2,231,810 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Sportradar Group during the 2nd quarter valued at about $32,811,000. Stephens Investment Management Group LLC increased its position in shares of Sportradar Group by 40.7% during the 1st quarter. Stephens Investment Management Group LLC now owns 3,116,297 shares of the company's stock valued at $52,167,000 after purchasing an additional 901,619 shares during the last quarter. Finally, Sellaronda Global Management LP purchased a new stake in shares of Sportradar Group during the 1st quarter valued at about $12,136,000.

About Sportradar Group

Sportradar Group AG is a sports technology and data company that provides business-to-business solutions to sports federations, leagues, media organizations, sportsbooks and other clients worldwide. The company collects, processes and distributes sports data, helping customers deliver live scores, statistics, schedules, news and other sports content across digital platforms.

Its products and services include real-time data feeds, betting odds and managed betting services, audiovisual content, marketing solutions, fan-engagement tools and sports integrity services.

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