Cantor Fitzgerald Issues Pessimistic Forecast for Sharplink Gaming (NASDAQ:SBET) Stock Price

Key Points

• Cantor Fitzgerald cut its price target on Sharplink Gaming from $10.50 to $8.10, while keeping an overweight rating on the stock.
• Sharplink Gaming shares rose 4.1% to $5.00, but the stock remains well below its 50-day and 200-day moving averages and far under its 52-week high of $40.46.
• The company posted a much weaker-than-expected quarterly loss, with EPS of -$3.25 versus estimates of -$0.62, and revenue of $12.06 million versus $14.60 million expected.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) had its price target decreased by Cantor Fitzgerald from $10.50 to $8.10 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective points to a potential upside of 62.16% from the company's current price.

Other equities analysts also recently issued research reports about the company. Citizens Jmp dropped their price objective on Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating on the stock in a research note on Wednesday, March 11th. Canaccord Genuity Group reissued a "buy" rating and issued a $16.00 target price on shares of Sharplink Gaming in a research report on Tuesday, March 17th. TD Cowen initiated coverage on Sharplink Gaming in a research note on Friday, April 10th. They issued a "buy" rating and a $16.00 target price on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, Weiss Ratings cut Sharplink Gaming from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 16th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sharplink Gaming currently has an average rating of "Moderate Buy" and a consensus target price of $21.34.

Sharplink Gaming Stock Up 4.1%

SBET stock traded up $0.20 during midday trading on Wednesday, hitting $5.00. The company's stock had a trading volume of 4,135,173 shares, compared to its average volume of 7,721,672. The stock's 50-day moving average price is $6.23 and its 200 day moving average price is $7.48. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $40.46. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -8.38 and a beta of 10.39.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The company had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. During the same quarter in the previous year, the company posted ($1.84) EPS. As a group, equities analysts forecast that Sharplink Gaming will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Sharplink Gaming

In other news, Director Robert M. Gutkowski sold 12,892 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie Bernhard sold 12,892 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares of the company's stock, valued at approximately $185,235.18. This represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 38,676 shares of company stock valued at $286,589. 3.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wolverine Asset Management LLC bought a new position in shares of Sharplink Gaming during the 4th quarter valued at about $4,398,000. Highbridge Capital Management LLC lifted its position in Sharplink Gaming by 5,947.5% in the 4th quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company's stock worth $4,584,000 after buying an additional 504,285 shares during the last quarter. Clear Street Group Inc. bought a new stake in Sharplink Gaming in the 4th quarter worth approximately $5,253,000. Cresset Asset Management LLC purchased a new stake in Sharplink Gaming in the third quarter worth approximately $2,400,000. Finally, Boundless Plain Holdings Ltd purchased a new stake in Sharplink Gaming in the fourth quarter worth approximately $8,150,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.