Sharplink Gaming (NASDAQ:SBET) Issues Quarterly Earnings Results

Sharplink Gaming (NASDAQ:SBET) issued its earnings results on Friday. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($2.63), FiscalAI reports. The company had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative return on equity of 37.36% and a negative net margin of 3,604.61%.During the same quarter in the previous year, the company posted ($1.84) earnings per share.

Sharplink Gaming Price Performance

NASDAQ:SBET opened at $7.76 on Tuesday. The firm has a 50-day moving average of $7.22 and a two-hundred day moving average of $8.93. The stock has a market cap of $1.53 billion, a P/E ratio of -3.25 and a beta of 10.69. Sharplink Gaming has a 1-year low of $2.58 and a 1-year high of $124.12.

Analysts Set New Price Targets

SBET has been the subject of several recent research reports. B. Riley Financial dropped their price target 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. Canaccord Genuity Group restated a “buy” rating and issued a $16.00 price objective on shares of Sharplink Gaming in a research report on Tuesday, March 17th. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. HC Wainwright initiated coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.11.

Institutional Investors Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its stake in Sharplink Gaming by 165.9% during the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after purchasing an additional 1,706,011 shares during the last quarter. Empowered Funds LLC acquired a new stake in Sharplink Gaming during the fourth quarter worth about $56,000. XTX Topco Ltd acquired a new stake in Sharplink Gaming during the fourth quarter worth about $871,000. Voloridge Investment Management LLC lifted its holdings in Sharplink Gaming by 344.4% in the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after acquiring an additional 2,101,252 shares during the last quarter. Finally, Torno Capital LLC bought a new position in Sharplink Gaming in the fourth quarter worth about $1,480,000. 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.