Sharplink Gaming (NASDAQ:SBET) Stock Price Up 10.6% Following Analyst Upgrade

Key Points

• SharpLink Gaming shares rose 10.6% after Cantor Fitzgerald raised its price target from $8.30 to $17.00 and maintained an overweight rating.
• Analysts’ consensus view is “Moderate Buy,” with nine Buy, one Hold, and one Sell rating and an average price target of $16.50.
• Recent quarterly results were weak: the company reported an adjusted loss of $1.88 per share versus expectations for $0.01 of earnings, while revenue of $11.53 million fell short of the $12.26 million consensus estimate.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) traded up 10.6% during trading on Friday after Cantor Fitzgerald raised their price target on the stock from $8.30 to $17.00. Cantor Fitzgerald currently has an overweight rating on the stock. Sharplink Gaming traded as high as $8.95 and last traded at $9.3230. 981,919 shares changed hands during trading, a decline of 88% from the average session volume of 7,997,309 shares. The stock had previously closed at $8.43.

A number of other brokerages have also recently issued reports on SBET. Citigroup restated a "market outperform" rating on shares of Sharplink Gaming in a research note on Thursday, August 13th. Citizens Jmp cut their target price on shares of Sharplink Gaming to $30.00 and set a "market outperform" rating for the company in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. TD Cowen reissued a "buy" rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Sharplink Gaming from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 30th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Institutional Investors Weigh In On Sharplink Gaming

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new position in shares of Sharplink Gaming in the second quarter valued at approximately $3,229,000. Qube Research & Technologies Ltd bought a new stake in Sharplink Gaming during the 2nd quarter worth approximately $151,000. NewEdge Advisors LLC bought a new stake in Sharplink Gaming during the 2nd quarter worth approximately $101,000. HUB Investment Partners LLC purchased a new stake in Sharplink Gaming in the 2nd quarter worth approximately $298,000. Finally, Anatole Investment Management Ltd purchased a new stake in Sharplink Gaming in the 2nd quarter worth approximately $6,332,000. 13.75% of the stock is currently owned by institutional investors.

Sharplink Gaming Trading Up 10.2%

The company's fifty day simple moving average is $6.82 and its 200 day simple moving average is $6.67. The stock has a market capitalization of $2.02 billion, a P/E ratio of 185.58 and a beta of 10.56.

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 for the quarter, missing the consensus estimate 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 the consensus estimate of $12.26 million. Equities research analysts predict that Sharplink Gaming Inc. will post 0.12 earnings per share for the current year.

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.

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