Sharplink Gaming (NASDAQ:SBET) Announces Quarterly Earnings Results, Misses Estimates By $2.63 EPS

Key Points

• Sharplink Gaming reported quarterly EPS of -$3.25, missing the consensus estimate of -$0.62 by $2.63. Revenue also came in below expectations at $12.06 million versus the $14.60 million forecast.
• The stock was little changed in trading, down 0.1% to $7.44, and remains highly volatile with a beta of 10.69. It has traded between $2.58 and $124.12 over the past 52 weeks.
• Despite the weak quarter, analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $22.11. Several firms reiterated or initiated buy ratings, though target prices varied widely.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) posted its earnings results on Friday. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($2.63), FiscalAI reports. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%. The business had revenue of $12.06 million for the quarter, compared to analysts' expectations of $14.60 million.

Sharplink Gaming Trading Down 0.1%

Shares of NASDAQ SBET traded down $0.01 during midday trading on Friday, reaching $7.44. 6,067,473 shares of the stock were exchanged, compared to its average volume of 7,189,017. The company has a market capitalization of $1.47 billion, a P/E ratio of -3.11 and a beta of 10.69. Sharplink Gaming has a 52-week low of $2.58 and a 52-week high of $124.12. The stock has a 50 day moving average price of $7.21 and a 200-day moving average price of $9.03.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SBET shares. HC Wainwright started coverage on shares of Sharplink Gaming in a report on Tuesday, April 7th. They set a "buy" rating and a $10.00 target price for the company. Canaccord Genuity Group restated a "buy" rating and set a $16.00 target price on shares of Sharplink Gaming in a report on Tuesday, March 17th. Citizens Jmp dropped their target price on shares of Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating for the company in a report on Wednesday, March 11th. Wall Street Zen upgraded shares of Sharplink Gaming from a "sell" rating to a "hold" rating in a report on Saturday, March 14th. Finally, TD Cowen started coverage on shares of Sharplink Gaming in a report on Friday, April 10th. They set a "buy" rating and a $16.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Sharplink Gaming presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.11.

Institutional Investors 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 purchased a new stake in shares of Sharplink Gaming during the third quarter worth about $49,000. Empowered Funds LLC purchased a new stake in Sharplink Gaming in the fourth quarter valued at approximately $56,000. CI Investments Inc. purchased a new stake in Sharplink Gaming in the fourth quarter valued at approximately $100,000. NewEdge Advisors LLC purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $101,000. Finally, Ausdal Financial Partners Inc. grew its holdings in Sharplink Gaming by 16.1% in the fourth quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company's stock valued at $104,000 after purchasing an additional 1,606 shares during the period. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

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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