Sharplink Gaming (NASDAQ:SBET) Price Target Lowered to $40.00 at Citizens Jmp

Sharplink Gaming (NASDAQ:SBET) had its price target reduced by Citizens Jmp from $50.00 to $40.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price would suggest a potential upside of 441.27% from the stock’s current price.

A number of other research analysts have also recently commented on SBET. iA Financial set a $20.00 price target on Sharplink Gaming in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Canaccord Genuity Group set a $16.00 price target on Sharplink Gaming and gave the stock a “buy” rating in a report on Thursday, January 29th. Wall Street Zen downgraded Sharplink Gaming from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Cantor Fitzgerald started coverage on shares of Sharplink Gaming in a report on Monday, January 5th. They issued an “overweight” rating and a $15.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sharplink Gaming has an average rating of “Moderate Buy” and an average target price of $24.71.

Sharplink Gaming Trading Down 2.8%

SBET stock opened at $7.39 on Wednesday. The firm has a 50-day moving average price of $8.41 and a 200-day moving average price of $11.79. Sharplink Gaming has a 12 month low of $2.26 and a 12 month high of $124.12. The stock has a market capitalization of $1.45 billion, a P/E ratio of -3.09 and a beta of 11.40.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Monday, March 9th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.11. The business had revenue of $13.31 million during the quarter, compared to analysts’ expectations of $17.19 million. Sharplink Gaming had a negative net margin of 7.86% and a negative return on equity of 2.26%.

Institutional Investors Weigh In On Sharplink Gaming

Several large investors have recently added to or reduced their stakes in SBET. Vanguard Group Inc. bought a new position in Sharplink Gaming during the third quarter worth $46,447,000. Marshall Wace LLP acquired a new position in shares of Sharplink Gaming during the second quarter valued at about $26,852,000. Alyeska Investment Group L.P. acquired a new position in shares of Sharplink Gaming during the third quarter valued at about $42,509,000. Voloridge Investment Management LLC boosted its position in shares of Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after purchasing an additional 2,101,252 shares in the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Sharplink Gaming in the 3rd quarter valued at about $30,812,000. Institutional investors and hedge funds own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming, Inc operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. The company operates through four segments: Affiliate Marketing Services United States, Affiliate Marketing Services International, Sports Gaming Client Services, and SportsHub Games Network. It operates a performance marketing platform, which owns and operates state-specific web domains to attract, acquire, and drive local sports betting and casino traffic directly to the company's sportsbook and casino partners, which are licensed to operate in each respective state; and offers sports betting data to sports media publishers.