Citizens Jmp Issues Pessimistic Forecast for Sharplink Gaming (NASDAQ:SBET) Stock Price

Sharplink Gaming (NASDAQ:SBET) had its price target dropped by investment analysts at Citizens Jmp from $50.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price would suggest a potential upside of 434.76% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. iA Financial set a $20.00 price target on Sharplink Gaming in a research note on Wednesday, January 7th. B. Riley Financial reduced their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. Canaccord Genuity Group set a $16.00 target price on shares of Sharplink Gaming and gave the stock a “buy” rating in a research report on Thursday, January 29th. Finally, Cantor Fitzgerald assumed coverage on shares of Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.71.

Sharplink Gaming Stock Down 1.4%

Shares of Sharplink Gaming stock opened at $7.48 on Wednesday. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -3.13 and a beta of 11.40. The stock’s 50-day simple moving average is $8.35 and its 200-day simple moving average is $11.74. Sharplink Gaming has a 52 week low of $2.26 and a 52 week high of $124.12.

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

Institutional Trading of Sharplink Gaming

A number of large investors have recently added to or reduced their stakes in the company. Ausdal Financial Partners Inc. raised its holdings in shares of Sharplink Gaming by 16.1% during the 4th quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock worth $104,000 after acquiring an additional 1,606 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Sharplink Gaming by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after purchasing an additional 1,838 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sharplink Gaming in the third quarter valued at $49,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sharplink Gaming by 23.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock worth $139,000 after purchasing an additional 2,946 shares during the last quarter. Finally, Arete Wealth Advisors LLC increased its position in Sharplink Gaming by 6.9% in the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock worth $494,000 after purchasing an additional 3,585 shares during the last quarter. 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.