Sharplink Gaming’s (SBET) Buy Rating Reaffirmed at Canaccord Genuity Group

Sharplink Gaming (NASDAQ:SBET)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $16.00 price objective on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 94.48% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Citizens Jmp decreased their price objective on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. Wall Street Zen upgraded shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Saturday. B. Riley Financial decreased their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Finally, Cantor Fitzgerald started coverage on Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.71.

Sharplink Gaming Stock Up 0.3%

Shares of SBET stock opened at $8.23 on Tuesday. The firm has a market cap of $1.62 billion, a P/E ratio of -3.47 and a beta of 11.40. Sharplink Gaming has a 12-month low of $2.26 and a 12-month high of $124.12. The company has a 50 day moving average of $8.27 and a 200-day moving average of $11.47.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings data 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. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.The business had revenue of $13.31 million for the quarter, compared to analysts’ expectations of $17.19 million.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming during the 3rd quarter valued at approximately $49,000. Empowered Funds LLC bought a new position in Sharplink Gaming during the 4th quarter worth about $56,000. R Squared Ltd purchased a new stake in shares of Sharplink Gaming during the 4th quarter valued at $90,000. Abacus Planning Group Inc. acquired a new stake in Sharplink Gaming in the fourth quarter worth about $94,000. Finally, CI Investments Inc. purchased a new stake in Sharplink Gaming during the 4th quarter worth approximately $100,000. Institutional investors own 13.75% of the company’s stock.

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.