Cantor Fitzgerald Forecasts Strong Price Appreciation for Sharplink Gaming (NASDAQ:SBET) Stock

Key Points

• Cantor Fitzgerald raised Sharplink Gaming’s price target to $17 from $8.30 and maintained an “overweight” rating, implying approximately 99% upside from the current price.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy, one a Hold, and one a Sell, resulting in a “Moderate Buy” consensus and an average target price of $16.50.
• Sharplink reported a quarterly loss of $1.88 per share, missing expectations by $1.89, while revenue of $11.53 million also fell short of forecasts; the stock carries high volatility, with a beta of 10.56.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) had its price target lifted by analysts at Cantor Fitzgerald from $8.30 to $17.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 99.06% from the company's current price.

A number of other research analysts also recently weighed in on the company. Citizens Jmp lowered their target price on Sharplink Gaming to $30.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Wall Street Zen upgraded Sharplink Gaming from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 30th. Canaccord Genuity Group reduced their price target on shares of Sharplink Gaming from $16.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. TD Cowen reiterated a "buy" rating and issued a $13.00 price objective (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Finally, Citigroup restated a "market outperform" rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $16.50.

Sharplink Gaming Trading Down 3.2%

Shares of SBET opened at $8.54 on Thursday. The firm has a market cap of $1.86 billion, a PE ratio of 170.80 and a beta of 10.56. The firm has a fifty day simple moving average of $6.75 and a two-hundred day simple moving average of $6.66. Sharplink Gaming has a 1-year low of $4.46 and a 1-year high of $19.53.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%.The firm had revenue of $11.53 million during the quarter, compared to analysts' expectations of $12.26 million. As a group, research analysts forecast that Sharplink Gaming will post 0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd bought a new stake in Sharplink Gaming in the 3rd quarter valued at $49,000. Empowered Funds LLC purchased a new stake in Sharplink Gaming in the 4th quarter worth $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming during the 1st quarter valued at about $65,000. NewEdge Advisors LLC bought a new position in shares of Sharplink Gaming during the 2nd quarter valued at about $101,000. Finally, Koshinski Asset Management Inc. purchased a new position in shares of Sharplink Gaming during the first quarter valued at about $71,000. 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.

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