Geo Group Inc (NYSE:GEO) shares are trading higher Tuesday following positive analyst coverage from Wedbush.
What Happened: Wedbush analyst Jay McCanless upgraded GEO Group from a Neutral rating to an Outperform rating and raised the price target from $10 to $14, citing several tailwinds ahead of the for-profit prison company.
Former hedge fund manager and “Big Short” investor Michael Burry noted that he sold out of all of his positions except for Geo Group earlier this year. A recent regulatory filing showed Burry increased his position in Geo Group during the third quarter.
The Geo Group specializes in detention facilities and community-reentry centers.
Check This Out: Michael Burry Doubles Down On Prison Stocks, Adds This Space Company In 5 New Announced Q3 Positions
GEO Price Action: Geo Group has a 52-week high of $11.66 and a 52-week low of $5.21.
GEO shares were up 13.8% at $11.64 at time of publication, according to Benzinga Pro.
Photo: Ichigo121212 from Pixabay.
