Sharplink Gaming (NASDAQ:SBET) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Sharplink Gaming (NASDAQ:SBET) from a strong sell rating to a sell rating in a research report sent to investors on Sunday.

Several other analysts have also commented on SBET. Canaccord Genuity Group dropped their target price on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, August 18th. TD Cowen restated a “buy” rating and issued a $13.00 price objective (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Cantor Fitzgerald dropped their price objective on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Citizens Jmp cut their target price on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.39.

Sharplink Gaming Price Performance

NASDAQ SBET opened at $8.20 on Friday. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $19.53. The company has a market capitalization of $1.78 billion, a PE ratio of 164.00 and a beta of 10.48. The company has a fifty day moving average of $6.17 and a 200 day moving average of $6.55.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($1.89). The company had revenue of $11.53 million for the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. Research analysts expect that Sharplink Gaming will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SBET. Wolverine Asset Management LLC acquired a new position in Sharplink Gaming during the fourth quarter worth about $4,398,000. Lakewood Capital Management LP purchased a new position in Sharplink Gaming in the 2nd quarter worth approximately $2,683,000. Highbridge Capital Management LLC lifted its stake in Sharplink Gaming by 5,947.5% in the 4th quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock worth $4,584,000 after purchasing an additional 504,285 shares in the last quarter. Clear Street Group Inc. acquired a new position in shares of Sharplink Gaming during the 4th quarter worth approximately $5,253,000. Finally, Bank of America Corp DE boosted its holdings in shares of Sharplink Gaming by 56.6% during the 1st quarter. Bank of America Corp DE now owns 1,275,442 shares of the company’s stock worth $8,227,000 after purchasing an additional 460,991 shares during the last quarter. 13.75% of the stock is owned by hedge funds and other institutional investors.

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.