Sharplink Gaming (NASDAQ:SBET) Coverage Initiated at Canaccord Genuity Group

Analysts at Canaccord Genuity Group began coverage on shares of Sharplink Gaming (NASDAQ:SBET) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “strong-buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 80.18% from the company’s current price.

A number of other brokerages have also issued reports on SBET. Zacks Research raised shares of Sharplink Gaming to a “hold” rating in a research report on Friday, October 17th. Cantor Fitzgerald started coverage on shares of Sharplink Gaming in a research report on Monday, January 5th. They issued an “overweight” rating and a $15.00 price target on the stock. 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 objective for the company. Industrial Alliance Securities set a $20.00 target price on shares of Sharplink Gaming in a research note on Wednesday, January 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.25.

Sharplink Gaming Stock Down 5.2%

SBET opened at $8.88 on Thursday. The stock’s 50 day moving average price is $10.02 and its two-hundred day moving average price is $14.95. The firm has a market capitalization of $1.75 billion, a P/E ratio of -3.72 and a beta of 11.12. Sharplink Gaming has a 12-month low of $2.26 and a 12-month high of $124.12.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors have recently added to or reduced their stakes in SBET. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sharplink Gaming in the 3rd quarter valued at approximately $49,000. R Squared Ltd acquired a new stake in Sharplink Gaming in the 4th quarter valued at $90,000. Abacus Planning Group Inc. bought a new stake in Sharplink Gaming in the fourth quarter valued at $94,000. NewEdge Advisors LLC acquired a new position in Sharplink Gaming during the second quarter worth $101,000. Finally, IFP Advisors Inc bought a new position in shares of Sharplink Gaming during the third quarter valued at $102,000. 13.75% of the stock is owned by institutional investors and hedge funds.

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.