Sharplink Gaming (NASDAQ:SBET) Price Target Cut to $8.10 by Analysts at Cantor Fitzgerald

Sharplink Gaming (NASDAQ:SBET) had its price target cut by analysts at Cantor Fitzgerald from $10.50 to $8.10 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 62.16% from the stock’s current price.

SBET has been the subject of several other reports. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Citizens Jmp lowered their price objective on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a research report on Wednesday, March 11th. Canaccord Genuity Group reissued a “buy” rating and set a $16.00 price objective on shares of Sharplink Gaming in a research note on Tuesday, March 17th. TD Cowen started coverage on shares of Sharplink Gaming in a report on Friday, April 10th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Weiss Ratings cut shares of Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Sharplink Gaming currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.34.

Sharplink Gaming Price Performance

Sharplink Gaming stock traded up $0.20 during mid-day trading on Wednesday, hitting $5.00. The company’s stock had a trading volume of 4,135,173 shares, compared to its average volume of 7,721,672. The business has a 50 day moving average price of $6.23 and a 200-day moving average price of $7.48. Sharplink Gaming has a 12 month low of $4.46 and a 12 month high of $40.46. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -8.38 and a beta of 10.39.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The company had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same period last year, the business posted ($1.84) earnings per share. On average, equities research analysts expect that Sharplink Gaming will post 0.15 earnings per share for the current fiscal year.

Insider Activity at Sharplink Gaming

In related news, Director Leslie Bernhard sold 12,892 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the sale, the director owned 24,998 shares of the company’s stock, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the sale, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,676 shares of company stock worth $286,589 over the last quarter. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd bought a new position in Sharplink Gaming in the third quarter worth about $49,000. IFP Advisors Inc bought a new stake in Sharplink Gaming during the 3rd quarter valued at approximately $102,000. Empowered Funds LLC purchased a new position in shares of Sharplink Gaming during the 4th quarter worth approximately $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming in the 1st quarter worth approximately $65,000. Finally, R Squared Ltd purchased a new position in shares of Sharplink Gaming in the 4th quarter valued at approximately $90,000. Hedge funds and other 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.