Sharplink Gaming Inc. (NASDAQ:SBET) Receives $22.11 Average Target Price from Brokerages

Sharplink Gaming Inc. (NASDAQ:SBET) has been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $22.1111.

A number of research analysts have weighed in on the company. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. TD Cowen assumed coverage on Sharplink Gaming in a research note on Friday, April 10th. They set a “buy” rating and a $16.00 price target on the stock. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday. Canaccord Genuity Group reissued a “buy” rating and set a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Finally, B. Riley Financial reduced their price target on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd.

Sharplink Gaming Stock Down 9.2%

Shares of Sharplink Gaming stock opened at $6.72 on Friday. Sharplink Gaming has a fifty-two week low of $2.58 and a fifty-two week high of $124.12. The firm has a market cap of $1.33 billion, a PE ratio of -11.20 and a beta of 10.69. The business’s fifty day moving average is $7.19 and its two-hundred day moving average is $8.78.

Sharplink Gaming (NASDAQ:SBET) last issued 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). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The business had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. During the same period in the prior year, the company earned ($1.84) EPS. Equities research analysts anticipate that Sharplink Gaming will post 0.15 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sharplink Gaming in the 3rd quarter worth $49,000. IFP Advisors Inc purchased a new position in shares of Sharplink Gaming in the 3rd quarter worth $102,000. Global Retirement Partners LLC purchased a new position in shares of Sharplink Gaming in the 3rd quarter worth $103,000. Empowered Funds LLC purchased a new position in shares of Sharplink Gaming in the 4th quarter worth $56,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Sharplink Gaming in the 3rd quarter worth $144,000. 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.