Sharplink Gaming (NASDAQ:SBET) Rating Lowered to “Sell” at Wall Street Zen

Sharplink Gaming (NASDAQ:SBET) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other research firms have also recently commented on SBET. Sanford C. Bernstein began coverage on shares of Sharplink Gaming in a report on Friday, October 31st. They issued an “outperform” rating and a $24.00 target price for the company. Canaccord Genuity Group set a $16.00 price objective on shares of Sharplink Gaming and gave the company a “buy” rating in a research note on Thursday, January 29th. B. Riley Financial cut their target price on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. iA Financial set a $20.00 price target on shares of Sharplink Gaming in a report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned 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 has an average rating of “Moderate Buy” and an average target price of $26.14.

Sharplink Gaming Stock Down 5.4%

Shares of SBET stock opened at $6.82 on Friday. The business has a fifty day simple moving average of $8.62 and a 200 day simple moving average of $12.56. The company has a market cap of $1.34 billion, a P/E ratio of -2.85 and a beta of 11.28. Sharplink Gaming has a twelve month low of $2.26 and a twelve month high of $124.12.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds have recently modified their holdings of SBET. Vanguard Group Inc. bought a new stake in shares of Sharplink Gaming in the third quarter worth $46,447,000. Marshall Wace LLP acquired a new position in Sharplink Gaming during the 2nd quarter worth about $26,852,000. Alyeska Investment Group L.P. bought a new stake in shares of Sharplink Gaming in the 3rd quarter valued at about $42,509,000. Voloridge Investment Management LLC increased its stake in shares of Sharplink Gaming by 344.4% in the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after buying an additional 2,101,252 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Sharplink Gaming in the third quarter valued at about $30,812,000. Institutional investors and hedge funds 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.