Citizens Jmp Has Lowered Expectations for Sharplink Gaming (NASDAQ:SBET) Stock Price

Sharplink Gaming (NASDAQ:SBET) had its target price decreased by investment analysts at Citizens Jmp to $30.00 in a report released on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 444.46% from the stock’s current price.

Several other research analysts also recently commented on the company. TD Cowen initiated coverage on Sharplink Gaming in a report on Friday, April 10th. They issued a “buy” rating and a $16.00 target price on the stock. Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Canaccord Genuity Group reiterated a “buy” rating and issued a $16.00 price objective on shares of Sharplink Gaming in a research report on Tuesday, March 17th. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Finally, Cantor Fitzgerald decreased their target price on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sharplink Gaming currently has an average rating of “Moderate Buy” and a consensus target price of $20.23.

Sharplink Gaming Stock Up 3.6%

Shares of Sharplink Gaming stock opened at $5.51 on Thursday. Sharplink Gaming has a 12-month low of $4.46 and a 12-month high of $40.46. The stock has a market capitalization of $1.12 billion, a P/E ratio of -9.18 and a beta of 10.45. The company has a 50-day simple moving average of $5.91 and a 200 day simple moving average of $7.24.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The firm had revenue of $12.06 million during the quarter, compared to analyst estimates 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 quarter last year, the firm earned ($1.84) earnings per share. On average, equities analysts anticipate that Sharplink Gaming will post 0.11 earnings per share for the current year.

Insider Transactions at Sharplink Gaming

In related news, Director Leslie Bernhard sold 12,892 shares of Sharplink Gaming stock in a transaction dated 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 directly owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert M. Gutkowski sold 12,892 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 38,676 shares of company stock worth $286,589 over the last 90 days. 3.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC bought a new position in Sharplink Gaming in the fourth quarter valued at approximately $4,398,000. Highbridge Capital Management LLC raised its position in shares of Sharplink Gaming by 5,947.5% during the 4th quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock valued at $4,584,000 after acquiring an additional 504,285 shares during the last quarter. Clear Street Group Inc. bought a new stake in shares of Sharplink Gaming during the 4th quarter valued at $5,253,000. Boundless Plain Holdings Ltd acquired a new position in shares of Sharplink Gaming in the 4th quarter valued at $8,150,000. Finally, SG Americas Securities LLC lifted its stake in shares of Sharplink Gaming by 332.9% in the 1st quarter. SG Americas Securities LLC now owns 758,022 shares of the company’s stock valued at $4,889,000 after purchasing an additional 582,919 shares during the period. 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.