Sharplink Gaming (NASDAQ:SBET) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen lowered shares of Sharplink Gaming (NASDAQ:SBET) from a hold rating to a strong sell rating in a report published on Saturday.

A number of other research analysts have also recently commented on SBET. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Cantor Fitzgerald dropped their price target on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, August 13th. 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. Finally, Canaccord Genuity Group lowered their target price on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, August 18th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.01.

Sharplink Gaming Stock Up 4.2%

NASDAQ:SBET opened at $7.91 on Friday. The business’s 50-day simple moving average is $5.87 and its two-hundred day simple moving average is $6.51. Sharplink Gaming has a 52 week low of $4.46 and a 52 week high of $21.03. The stock has a market cap of $1.72 billion, a PE ratio of 158.20 and a beta of 10.48.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%.The business had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. Sell-side analysts anticipate that Sharplink Gaming will post 0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBET. Ausdal Financial Partners Inc. increased its stake in Sharplink Gaming by 16.1% in the 4th quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock worth $104,000 after acquiring an additional 1,606 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Sharplink Gaming by 4.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after acquiring an additional 1,838 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sharplink Gaming in the third quarter valued at $49,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sharplink Gaming by 23.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock valued at $139,000 after purchasing an additional 2,946 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its position in Sharplink Gaming by 6.9% in the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock worth $494,000 after purchasing an additional 3,585 shares during the last quarter. 13.75% of the stock is owned by institutional investors.

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.