Sharplink Gaming (NASDAQ:SBET) Price Target Lowered to $8.00 at Canaccord Genuity Group

Sharplink Gaming (NASDAQ:SBET) had its target price cut by analysts at Canaccord Genuity Group from $16.00 to $8.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 22.89% from the stock’s previous close.

A number of other equities analysts have also recently commented on SBET. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. TD Cowen reissued a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Cantor Fitzgerald lowered their price target on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.01.

Sharplink Gaming Stock Up 4.0%

NASDAQ:SBET opened at $6.51 on Tuesday. The business’s 50-day moving average price is $5.72 and its two-hundred day moving average price is $6.55. Sharplink Gaming has a twelve month low of $4.46 and a twelve month high of $21.21. The stock has a market cap of $1.41 billion, a P/E ratio of 130.20 and a beta of 10.48.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate of $0.01 by ($1.89). The business had revenue of $11.53 million for the quarter, compared to analysts’ expectations of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. On average, equities research analysts expect that Sharplink Gaming will post 0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Sharplink Gaming

A number of large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new stake in Sharplink Gaming in the third quarter worth $49,000. Empowered Funds LLC bought a new position in shares of Sharplink Gaming during the fourth quarter valued at about $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming during the first quarter valued at about $65,000. Koshinski Asset Management Inc. purchased a new position in shares of Sharplink Gaming in the first quarter worth about $71,000. Finally, SummitTX Capital L.P. bought a new stake in shares of Sharplink Gaming in the 1st quarter valued at about $73,000. Hedge funds and other institutional investors 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.