Sharplink Gaming (NASDAQ:SBET) Stock Rating Lowered by Wall Street Zen

Sharplink Gaming (NASDAQ:SBET) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

A number of other equities research analysts have also recently issued reports on SBET. Citigroup reissued a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. TD Cowen reaffirmed a “buy” rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Canaccord Genuity Group cut their price objective on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, August 18th. Finally, Cantor Fitzgerald decreased their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.01.

Sharplink Gaming Stock Performance

NASDAQ:SBET opened at $7.91 on Friday. The stock has a 50 day simple moving average of $5.87 and a 200 day simple moving average of $6.50. The stock has a market cap of $1.72 billion, a P/E ratio of 158.20 and a beta of 10.48. Sharplink Gaming has a 1-year low of $4.46 and a 1-year high of $21.03.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). The firm had revenue of $11.53 million during the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. As a group, sell-side analysts forecast that Sharplink Gaming will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. lifted its position in Sharplink Gaming by 70.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock worth $38,162,000 after purchasing an additional 1,769,589 shares during the period. Weiss Asset Management LP increased its holdings in Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock valued at $19,624,000 after buying an additional 488,247 shares during the period. Invesco Ltd. increased its holdings in Sharplink Gaming by 165.9% in the 4th quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after buying an additional 1,706,011 shares during the period. Vanguard Group Inc. acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at approximately $46,447,000. Finally, Voloridge Investment Management LLC raised its position in shares of Sharplink Gaming by 344.4% in the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after buying an additional 2,101,252 shares in the last quarter. Institutional investors and hedge funds 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.