Sharplink Gaming Inc. (NASDAQ:SBET) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus is “Moderate Buy”: Nine of 11 analysts recommend buying Sharplink Gaming, while one rates it a hold and one a sell. The average 12-month price target is $19.90, though TD Cowen recently lowered its target to $13.
• Institutional ownership has increased: Several hedge funds expanded their positions, including Voloridge Investment Management, Invesco and Alyeska Investment Group. Hedge funds and other institutions collectively own 13.75% of the company.
• Recent results fell short of expectations: Sharplink reported a quarterly loss of $1.88 per share versus the expected $0.01 profit, while revenue of $11.53 million was below the $12.26 million estimate. Shares opened at $6.26, well below their one-year high of $22.72.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $19.90.

A number of analysts have issued reports on the company. Citigroup reaffirmed a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday. Weiss Ratings upgraded shares of Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 6th. TD Cowen reaffirmed a "buy" rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Citizens Jmp decreased their price objective on Sharplink Gaming to $30.00 and set a "market outperform" rating for the company in a report on Thursday, July 9th. Finally, Alliance Global Partners restated a "buy" rating on shares of Sharplink Gaming in a research note on Monday, May 11th.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds have recently bought and sold shares of SBET. Alyeska Investment Group L.P. lifted its holdings in Sharplink Gaming by 70.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company's stock valued at $38,162,000 after purchasing an additional 1,769,589 shares in the last quarter. Weiss Asset Management LP raised its position in shares of Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company's stock worth $19,624,000 after buying an additional 488,247 shares during the period. Invesco Ltd. grew its holdings in shares of Sharplink Gaming by 165.9% during the 4th quarter. Invesco Ltd. now owns 2,734,052 shares of the company's stock worth $24,442,000 after purchasing an additional 1,706,011 shares during the period. Vanguard Group Inc. purchased a new stake in shares of Sharplink Gaming during the 3rd quarter worth about $46,447,000. Finally, Voloridge Investment Management LLC increased its position in Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company's stock worth $24,240,000 after purchasing an additional 2,101,252 shares in the last quarter. 13.75% of the stock is owned by hedge funds and other institutional investors.

Sharplink Gaming Stock Performance

NASDAQ:SBET opened at $6.26 on Monday. Sharplink Gaming has a one year low of $4.46 and a one year high of $22.72. The stock has a 50 day moving average price of $5.70 and a 200 day moving average price of $6.58. The stock has a market cap of $1.36 billion, a PE ratio of 125.20 and a beta of 10.48.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) 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 analyst estimates of $12.26 million. As a group, analysts predict that Sharplink Gaming will post 0.09 earnings per share for the current fiscal year.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source