Sharplink Gaming (NASDAQ:SBET) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Sharplink Gaming (NASDAQ:SBET) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $16.00 target price on the stock.

Several other brokerages have also recently weighed in on SBET. Cantor Fitzgerald began coverage on shares of Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective on the stock. Wall Street Zen upgraded shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. iA Financial set a $20.00 price target on Sharplink Gaming in a report on Wednesday, January 7th. Finally, B. Riley Financial cut their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.71.

Sharplink Gaming Stock Performance

Shares of NASDAQ SBET opened at $8.31 on Tuesday. Sharplink Gaming has a 52-week low of $2.26 and a 52-week high of $124.12. The business has a fifty day moving average of $8.23 and a two-hundred day moving average of $11.40. The stock has a market cap of $1.64 billion, a PE ratio of -3.48 and a beta of 11.40.

Sharplink Gaming (NASDAQ:SBET) last posted its earnings results on Monday, March 9th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.11. The business had revenue of $13.31 million for the quarter, compared to analyst estimates of $17.19 million. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%.

Institutional Investors Weigh In On Sharplink Gaming

A number of hedge funds have recently added to or reduced their stakes in SBET. JPMorgan Chase & Co. acquired a new stake in Sharplink Gaming in the 2nd quarter valued at about $3,229,000. XTX Topco Ltd lifted its position in shares of Sharplink Gaming by 509.9% during the second quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock worth $1,095,000 after purchasing an additional 92,189 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Sharplink Gaming during the second quarter valued at approximately $26,852,000. Qube Research & Technologies Ltd bought a new stake in shares of Sharplink Gaming during the second quarter valued at approximately $151,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Sharplink Gaming in the second quarter valued at approximately $101,000. Institutional investors own 13.75% of the company’s stock.

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.