Sharplink Gaming (NASDAQ:SBET) Given New $8.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity cut Sharplink Gaming’s price target from $16 to $8 but maintained a “buy” rating, implying about 22.9% upside from the reported $6.51 share price.
• Analyst sentiment remains broadly positive, with nine buy ratings, one hold, and one sell; the consensus rating is “Moderate Buy” with an average price target of $19.01.
• Sharplink reported a quarterly loss of $1.88 per share, missing estimates by $1.89, while revenue of $11.53 million also fell short of expectations. The company has a $1.41 billion market capitalization and highly volatile shares, with a beta of 10.48.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) had its price objective decreased by analysts at Canaccord Genuity Group from $16.00 to $8.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 22.89% from the stock's current price.

A number of other research analysts have also recently commented on the company. Citigroup reaffirmed a "market outperform" rating on shares of Sharplink Gaming in a research report on Thursday. 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. Alliance Global Partners restated a "buy" rating on shares of Sharplink Gaming in a research note on Monday, May 11th. TD Cowen reaffirmed a "buy" rating and set a $13.00 price objective (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Finally, Cantor Fitzgerald cut their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Sharplink Gaming currently has an average rating of "Moderate Buy" and an average price target of $19.01.

Sharplink Gaming Stock Up 4.0%

Shares of SBET stock opened at $6.51 on Tuesday. The firm has a market cap of $1.41 billion, a P/E ratio of 130.20 and a beta of 10.48. The company has a 50 day moving average of $5.72 and a 200-day moving average of $6.55. Sharplink Gaming has a 12-month low of $4.46 and a 12-month high of $21.21.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $12.26 million. As a group, equities analysts expect that Sharplink Gaming will post 0.09 EPS for the current year.

Institutional Trading of Sharplink Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC bought a new stake in shares of Sharplink Gaming during the fourth quarter valued at about $4,398,000. Highbridge Capital Management LLC boosted its position in shares of Sharplink Gaming by 5,947.5% in the fourth quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company's stock valued at $4,584,000 after acquiring an additional 504,285 shares during the period. Clear Street Group Inc. purchased a new position in Sharplink Gaming during the fourth quarter valued at approximately $5,253,000. Boundless Plain Holdings Ltd purchased a new position in Sharplink Gaming during the fourth quarter valued at approximately $8,150,000. Finally, Weiss Asset Management LP grew its stake in 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. 13.75% of the stock is currently owned by 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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