Sharplink Gaming (NASDAQ:SBET) Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded SharpLink Gaming to “Strong Sell” from “Hold,” despite the broader analyst consensus remaining “Moderate Buy,” with an average price target of $19.01.
• SharpLink reported a quarterly loss of $1.88 per share, missing the $0.01 consensus estimate, while revenue of $11.53 million also fell short of expectations.
• Shares opened at $7.91, with a $1.72 billion market capitalization and significant volatility reflected in a beta of 10.48; institutional investors own 13.75% of the stock.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "strong sell" rating in a research note issued to investors on Saturday.

Several other research firms have also commented on SBET. Citizens Jmp lowered their price objective 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. Citigroup restated a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 6th. Alliance Global Partners reaffirmed a "buy" rating on shares of Sharplink Gaming in a report on Monday, May 11th. Finally, Canaccord Genuity Group dropped their price target on Sharplink Gaming from $16.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $19.01.

Sharplink Gaming Price Performance

Shares of SBET opened at $7.91 on Friday. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 158.20 and a beta of 10.48. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $21.03. The business's 50 day simple moving average is $5.87 and its 200-day simple moving average is $6.51.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its earnings results 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 firm had revenue of $11.53 million for the quarter, compared to the consensus estimate of $12.26 million. On average, sell-side analysts expect that Sharplink Gaming will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SBET. Headlands Technologies LLC purchased a new stake in shares of Sharplink Gaming in the second quarter valued at $1,341,000. Lakewood Capital Management LP purchased a new position in shares of Sharplink Gaming during the 2nd quarter worth about $2,683,000. Compass Financial Management LLC bought a new position in Sharplink Gaming during the 2nd quarter valued at about $1,110,000. Bank of New York Mellon Corp bought a new position in Sharplink Gaming during the 2nd quarter valued at about $2,488,000. Finally, Assenagon Asset Management S.A. purchased a new stake in Sharplink Gaming in the 2nd quarter worth about $181,000. 13.75% of the stock is 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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