Sharplink Gaming Inc. (NASDAQ:SBET) Stock Has Average Price Target of $16.00 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on SharpLink Gaming, with eight buy ratings and one sell rating. The average 12-month price target is $16.00, though some analysts recently lowered their targets, including Canaccord Genuity’s reduction to $8.00.
• SharpLink shares opened at $6.74, with a market capitalization of approximately $1.46 billion and a highly volatile beta of 10.60. The stock has traded between $4.46 and $13.94 over the past year.
• The company reported a substantial quarterly loss, with EPS of negative $1.88 versus expectations of $0.01 and revenue of $11.53 million below the $12.26 million forecast. Director Joseph Lubin also sold 5.68 million shares for approximately $47.6 million.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $16.00.

Several analysts have weighed in on SBET shares. Citizens Jmp lowered their price target on shares of Sharplink Gaming to $30.00 and set a "market outperform" rating for the company in a research note on Thursday, July 9th. Canaccord Genuity Group reduced their price objective on Sharplink Gaming from $16.00 to $8.00 and set a "buy" rating on the stock in a research note on Tuesday, August 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sharplink Gaming in a report on Friday, October 2nd. Citigroup restated a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Finally, Wall Street Zen upgraded Sharplink Gaming from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 30th.

Sharplink Gaming Stock Performance

SBET stock opened at $6.74 on Friday. The company has a market capitalization of $1.46 billion, a PE ratio of 134.80 and a beta of 10.60. Sharplink Gaming has a one year low of $4.46 and a one year high of $13.94. The company's 50 day moving average price is $8.56 and its two-hundred day moving average price is $7.26.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings data 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 net margin of 3,406.29% and a negative return on equity of 33.40%. The business had revenue of $11.53 million during the quarter, compared to analysts' expectations of $12.26 million. On average, research analysts predict that Sharplink Gaming will post 0.12 EPS for the current year.

Insider Activity

In other news, Director Joseph Lubin sold 5,676,952 shares of the firm's stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $8.39, for a total value of $47,629,627.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Sharplink Gaming

Institutional investors have recently added to or reduced their stakes in the company. Weiss Asset Management LP raised its holdings in shares of Sharplink Gaming by 19.1% during the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company's stock valued at $19,624,000 after acquiring an additional 488,247 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Sharplink Gaming in the first quarter worth $11,691,000. Bank of America Corp DE boosted its holdings in Sharplink Gaming by 56.6% in the first quarter. Bank of America Corp DE now owns 1,275,442 shares of the company's stock valued at $8,227,000 after acquiring an additional 460,991 shares in the last quarter. Lakewood Capital Management LP bought a new stake in Sharplink Gaming in the second quarter valued at $2,683,000. Finally, Bank of New York Mellon Corp bought a new stake in Sharplink Gaming in the second quarter valued at $2,488,000. Hedge funds and other institutional investors own 13.75% of the company's stock.

About Sharplink Gaming

SharpLink Gaming Ltd. is a technology and performance-marketing company serving the online sports betting and iGaming industries. The company provides customer-acquisition solutions designed to connect sports fans and gaming audiences with licensed betting and gaming operators through digital marketing, affiliate partnerships and related technology.

SharpLink's activities have historically focused on the United States and other regulated online gaming markets, where it has supported operators with player acquisition, engagement and retention initiatives.

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