Sharplink Gaming (NASDAQ:SBET) Rating Increased to Strong-Buy at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald upgraded Sharplink Gaming (NASDAQ:SBET) to a "strong-buy", while overall analyst coverage is mixed with one Strong Buy, six Buy, one Hold and one Sell, giving a consensus rating of "Moderate Buy" and an average price target of $22.88.
• Shares opened at $6.42 with a market cap of $1.27B, a 52-week range of $2.26–$124.12 and a negative P/E of -2.69; the company reported quarterly EPS of $0.06 (beating the -$0.05 estimate) on $13.31M revenue, though revenue missed expectations and margins remain deeply negative.
• Institutional investors increased exposure—most notably Invesco boosted its stake to 2,734,052 shares (~$24.4M)—and institutions now own about 13.75% of the company.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) was upgraded by analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other equities research analysts have also commented on SBET. B. Riley Financial dropped their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Wall Street Zen upgraded shares of Sharplink Gaming from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. iA Financial set a $20.00 price objective on shares of Sharplink Gaming in a research note on Wednesday, January 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. Finally, HC Wainwright initiated coverage on shares of Sharplink Gaming in a research note on Tuesday. They set a "buy" rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.88.

Sharplink Gaming Stock Performance

Shares of NASDAQ:SBET opened at $6.42 on Thursday. The firm's 50 day moving average is $7.06 and its two-hundred day moving average is $10.30. Sharplink Gaming has a 52 week low of $2.26 and a 52 week high of $124.12. The firm has a market capitalization of $1.27 billion, a P/E ratio of -2.69 and a beta of 11.31.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings results on Friday, March 6th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.11. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%. The company had revenue of $13.31 million for the quarter, compared to analyst estimates of $17.19 million.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. J. Derek Lewis & Associates Inc. bought a new stake in Sharplink Gaming during the fourth quarter worth approximately $434,000. Hsbc Holdings PLC boosted its holdings in Sharplink Gaming by 12.6% during the fourth quarter. Hsbc Holdings PLC now owns 99,001 shares of the company's stock worth $867,000 after buying an additional 11,114 shares in the last quarter. Invesco Ltd. boosted its holdings in Sharplink Gaming by 165.9% during the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company's stock worth $24,442,000 after buying an additional 1,706,011 shares in the last quarter. Empowered Funds LLC bought a new stake in Sharplink Gaming during the fourth quarter worth approximately $56,000. Finally, XTX Topco Ltd bought a new stake in Sharplink Gaming during the fourth quarter worth approximately $871,000. Institutional investors and hedge funds own 13.75% of the company's stock.

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.

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