B. Riley Financial Has Lowered Expectations for Sharplink Gaming (NASDAQ:SBET) Stock Price

Sharplink Gaming (NASDAQ:SBET) had its target price reduced by stock analysts at B. Riley Financial from $19.00 to $10.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s price target suggests a potential upside of 54.75% from the company’s current price.

A number of other research firms have also recently weighed in on SBET. Sanford C. Bernstein started coverage on Sharplink Gaming in a research report on Friday, October 31st. They set an “outperform” rating and a $24.00 price objective for the company. Cantor Fitzgerald assumed coverage on Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 price target for the company. Canaccord Genuity Group set a $16.00 price objective on shares of Sharplink Gaming and gave the company a “buy” rating in a research report on Thursday, January 29th. iA Financial set a $20.00 price objective on shares of Sharplink Gaming in a research note on Wednesday, January 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.14.

Sharplink Gaming Trading Down 3.8%

Shares of SBET traded down $0.26 during mid-day trading on Monday, hitting $6.46. 2,466,613 shares of the company’s stock were exchanged, compared to its average volume of 7,249,672. Sharplink Gaming has a fifty-two week low of $2.26 and a fifty-two week high of $124.12. The business’s 50 day moving average is $8.88 and its two-hundred day moving average is $12.98. The firm has a market capitalization of $1.27 billion, a P/E ratio of -2.71 and a beta of 11.28.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in Sharplink Gaming by 165.9% in the 4th quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after acquiring an additional 1,706,011 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Sharplink Gaming in the fourth quarter valued at about $56,000. XTX Topco Ltd acquired a new stake in shares of Sharplink Gaming in the fourth quarter valued at approximately $871,000. Voloridge Investment Management LLC increased its stake 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, Torno Capital LLC purchased a new position in shares of Sharplink Gaming during the 4th quarter worth approximately $1,480,000. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

About Sharplink Gaming

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.