Sharplink Gaming (NASDAQ:SBET) Shares Up 10.6% Following Analyst Upgrade

Sharplink Gaming Inc. (NASDAQ:SBET) shot up 10.6% during trading on Friday after Cantor Fitzgerald raised their price target on the stock from $8.30 to $17.00. Cantor Fitzgerald currently has an overweight rating on the stock. Sharplink Gaming traded as high as $8.95 and last traded at $9.3230. Approximately 981,919 shares changed hands during trading, a decline of 88% from the average session volume of 7,997,309 shares. The stock had previously closed at $8.43.

A number of other research firms have also recently commented on SBET. Citizens Jmp cut their price target on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. TD Cowen restated a “buy” rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Citigroup reiterated a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Finally, Wall Street Zen raised Sharplink Gaming from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Institutional Investors Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sharplink Gaming in the third quarter worth about $49,000. Empowered Funds LLC bought a new position in Sharplink Gaming during the 4th quarter valued at approximately $56,000. Independent Financial Group LLC bought a new position in Sharplink Gaming during the 1st quarter valued at approximately $65,000. Ameritas Advisory Services LLC purchased a new stake in Sharplink Gaming in the 2nd quarter worth approximately $66,000. Finally, Koshinski Asset Management Inc. purchased a new stake in Sharplink Gaming in the 1st quarter worth approximately $71,000. Institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Stock Performance

The stock has a market capitalization of $2.02 billion, a P/E ratio of 185.58 and a beta of 10.56. The stock has a 50-day moving average price of $6.82 and a two-hundred day moving average price of $6.67.

Sharplink Gaming (NASDAQ:SBET) last announced its earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. The business had revenue of $11.53 million for the quarter, compared to the consensus estimate of $12.26 million. Equities analysts anticipate that Sharplink Gaming Inc. will post 0.12 earnings per share for the current fiscal year.

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.