Sharplink Gaming (NASDAQ:SBET) Price Target Lowered to $30.00 at Citizens Jmp

Key Points

• Citizens JMP lowered its price target on Sharplink Gaming from $40 to $30, while keeping a market outperform rating. The new target still implies substantial upside from the stock’s prior close.
• Analyst sentiment remains mostly positive overall, with nine Buy ratings versus one Hold and one Sell. The broader consensus price target is $20.23.
• Sharplink Gaming reported a weak quarterly result, posting EPS of -$3.25 versus expectations for a smaller loss and revenue of $12.06 million below estimates. The company also saw insider selling, including two directors each selling 12,892 shares.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) had its price objective reduced by research analysts at Citizens Jmp from $40.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. Citizens Jmp's price objective suggests a potential upside of 473.28% from the company's previous close.

A number of other research analysts also recently weighed in on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $16.00 target price on shares of Sharplink Gaming in a research report on Tuesday, March 17th. TD Cowen started coverage on shares of Sharplink Gaming in a research note on Friday, April 10th. They set a "buy" rating and a $16.00 price objective for the company. Weiss Ratings upgraded Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday. HC Wainwright began coverage on Sharplink Gaming in a research report on Tuesday, April 7th. They set a "buy" rating and a $10.00 price target for the company. Finally, Wall Street Zen downgraded Sharplink Gaming from a "hold" rating to a "sell" rating in a research note on Saturday, June 20th. 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.23.

Sharplink Gaming Stock Performance

NASDAQ SBET traded down $0.20 during trading on Thursday, hitting $5.23. The stock had a trading volume of 1,128,312 shares, compared to its average volume of 7,845,752. The company has a market capitalization of $1.06 billion, a PE ratio of -8.74 and a beta of 10.45. The company's 50-day moving average price is $5.98 and its two-hundred day moving average price is $7.29. Sharplink Gaming has a 12 month low of $4.46 and a 12 month high of $40.46.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.62) by ($2.63). The firm had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.During the same period last year, the company earned ($1.84) EPS. As a group, equities analysts anticipate that Sharplink Gaming will post 0.11 earnings per share for the current fiscal year.

Insider Activity at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the sale, the director owned 24,998 shares of the company's stock, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares of the company's stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,676 shares of company stock worth $286,589. Company insiders own 3.60% of the company's stock.

Institutional Trading of Sharplink Gaming

Several hedge funds and other institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd bought a new position in Sharplink Gaming in the 3rd quarter valued at about $49,000. Empowered Funds LLC acquired a new stake in Sharplink Gaming during the fourth quarter worth approximately $56,000. Independent Financial Group LLC bought a new stake in shares of Sharplink Gaming during the first quarter worth approximately $65,000. Koshinski Asset Management Inc. bought a new stake in shares of Sharplink Gaming during the first quarter worth approximately $71,000. Finally, SummitTX Capital L.P. bought a new stake in shares of Sharplink Gaming during the first quarter worth approximately $73,000. Institutional investors own 13.75% of the company's stock.

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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