Sharplink Gaming’s (SBET) “Buy” Rating Reiterated at Canaccord Genuity Group

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

SBET has been the topic of several other reports. Citizens Jmp cut their target price on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating on the stock in a research note on Wednesday, March 11th. B. Riley Financial dropped their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Wall Street Zen raised shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Cantor Fitzgerald started coverage on Sharplink Gaming in a research note on Monday, January 5th. They issued an “overweight” rating and a $15.00 target price for the company. Finally, iA Financial set a $20.00 target price on Sharplink Gaming in a research report on Wednesday, January 7th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $24.71.

Sharplink Gaming Stock Performance

Shares of SBET stock opened at $7.68 on Tuesday. The company has a market cap of $1.51 billion, a P/E ratio of -3.21 and a beta of 11.40. The stock has a 50 day simple moving average of $8.13 and a two-hundred day simple moving average of $11.35. Sharplink Gaming has a fifty-two week low of $2.26 and a fifty-two week high of $124.12.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings results on Monday, March 9th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.11. The firm had revenue of $13.31 million for 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 Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Alyeska Investment Group L.P. increased its position in shares of 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 acquiring an additional 1,769,589 shares in the last quarter. Invesco Ltd. lifted its position 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 acquiring an additional 1,706,011 shares in the last quarter. Vanguard Group Inc. acquired a new position in Sharplink Gaming during the 3rd quarter valued at about $46,447,000. Voloridge Investment Management LLC boosted its stake in Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after purchasing an additional 2,101,252 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Sharplink Gaming during the 2nd quarter worth approximately $26,852,000. 13.75% of the stock is currently 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.