Sharplink Gaming Inc. (NASDAQ:SBET) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Sharplink Gaming Inc. (NASDAQ:SBET) has received a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $24.7143.

A number of research firms recently issued reports on SBET. Citizens Jmp lowered their price target on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating on the stock in a report on Wednesday, March 11th. Wall Street Zen raised shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.00 price target on shares of Sharplink Gaming in a research report on Tuesday. B. Riley Financial cut their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. Finally, Cantor Fitzgerald started coverage on Sharplink Gaming in a report on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective for the company.

Sharplink Gaming Trading Down 2.4%

Shares of SBET opened at $7.68 on Friday. The company’s 50 day simple moving average is $8.13 and its 200-day simple moving average is $11.35. The firm has a market cap of $1.51 billion, a PE ratio of -3.21 and a beta of 11.40. Sharplink Gaming has a 12-month low of $2.26 and a 12-month high of $124.12.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Monday, March 9th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.11. The firm had revenue of $13.31 million during the quarter, compared to the consensus estimate of $17.19 million. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sharplink Gaming during the 3rd quarter valued at about $49,000. Empowered Funds LLC purchased a new position in Sharplink Gaming in the 4th quarter worth approximately $56,000. R Squared Ltd purchased a new position in Sharplink Gaming in the 4th quarter worth approximately $90,000. Abacus Planning Group Inc. acquired a new stake in Sharplink Gaming in the fourth quarter valued at approximately $94,000. Finally, CI Investments Inc. acquired a new stake in Sharplink Gaming in the fourth quarter valued at approximately $100,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

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.