Canaccord Genuity Group Reiterates “Buy” Rating for Sharplink Gaming (NASDAQ:SBET)

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

A number of other equities research analysts have also recently weighed in on SBET. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a report on Saturday. B. Riley Financial lowered their target price on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. iA Financial set a $20.00 target price on Sharplink Gaming in a research note on Wednesday, January 7th. Finally, Citizens Jmp dropped their price objective on 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. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.71.

Sharplink Gaming Price Performance

Sharplink Gaming stock opened at $8.23 on Tuesday. The business has a 50 day simple moving average of $8.27 and a 200 day simple moving average of $11.47. Sharplink Gaming has a one year low of $2.26 and a one year high of $124.12. The company has a market capitalization of $1.62 billion, a PE ratio of -3.47 and a beta of 11.40.

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

Hedge Funds Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. bought a new stake in shares of Sharplink Gaming during the second quarter worth $3,229,000. XTX Topco Ltd grew its holdings in shares of Sharplink Gaming by 509.9% during the second quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock worth $1,095,000 after purchasing an additional 92,189 shares during the last quarter. Marshall Wace LLP bought a new stake in Sharplink Gaming in the second quarter valued at approximately $26,852,000. Qube Research & Technologies Ltd acquired a new stake in Sharplink Gaming during the 2nd quarter worth about $151,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Sharplink Gaming in the 2nd quarter valued at $101,000. 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.