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

Key Points

• Cantor Fitzgerald upgraded Sharplink Gaming (NASDAQ:SBET) to a "strong-buy" in a research note issued Monday.
• Overall analyst coverage is mixed but tilted positive: one Strong Buy, four Buys, one Hold and one Sell, producing an average rating of "Moderate Buy" and an average price target of $34.33.
• Shares opened at $10.27 (1‑year range $2.26–$124.12) with a market cap of about $2.02 billion, and several large funds—including Vanguard and Marshall Wace—recently established sizable positions.

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

A number of other analysts have also weighed in on the company. JMP Securities began coverage on Sharplink Gaming in a report on Thursday, October 16th. They set a "market outperform" rating and a $50.00 target price for the company. B. Riley decreased their price objective on Sharplink Gaming from $32.00 to $19.00 and set a "buy" rating for the company in a research note on Tuesday, November 18th. Zacks Research raised Sharplink Gaming to a "hold" rating in a research report on Friday, October 17th. Sanford C. Bernstein initiated coverage on shares of Sharplink Gaming in a report on Friday, October 31st. They issued an "outperform" rating and a $24.00 target price for the company. Finally, Citizens Jmp assumed coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a "mkt outperform" rating and a $50.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $34.33.

Sharplink Gaming Stock Performance

NASDAQ SBET opened at $10.27 on Monday. Sharplink Gaming has a one year low of $2.26 and a one year high of $124.12. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -4.30 and a beta of 11.12. The company's 50-day simple moving average is $10.59 and its two-hundred day simple moving average is $15.39.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently modified their holdings of SBET. Vanguard Group Inc. purchased a new stake in Sharplink Gaming during the 3rd quarter worth approximately $46,447,000. Marshall Wace LLP acquired a new stake in shares of Sharplink Gaming during the second quarter worth $26,852,000. Alyeska Investment Group L.P. purchased a new stake in shares of Sharplink Gaming during the third quarter valued at $42,509,000. CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at $30,812,000. Finally, Tidal Investments LLC purchased a new position in Sharplink Gaming in the 3rd quarter worth $30,283,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

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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