B. Riley Issues Pessimistic Forecast for Sharplink Gaming (NASDAQ:SBET) Stock Price

Sharplink Gaming (NASDAQ:SBET) had its price objective reduced by equities researchers at B. Riley from $32.00 to $19.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 76.86% from the stock’s previous close.

SBET has been the subject of several other research reports. Sanford C. Bernstein started coverage on Sharplink Gaming in a research note on Friday, October 31st. They set an “outperform” rating and a $24.00 price target for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Sharplink Gaming in a report on Wednesday, October 8th. Alliance Global Partners initiated coverage on Sharplink Gaming in a research note on Tuesday, August 26th. They issued a “buy” rating and a $48.00 target price for the company. JMP Securities began coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 price target on the stock. Finally, Citizens Jmp began coverage on shares of Sharplink Gaming in a report on Thursday, October 16th. They issued a “mkt outperform” rating and a $50.00 price objective for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sharplink Gaming Stock Up 4.4%

Shares of NASDAQ SBET traded up $0.45 during mid-day trading on Tuesday, reaching $10.74. 5,302,167 shares of the company were exchanged, compared to its average volume of 15,470,857. Sharplink Gaming has a 52 week low of $2.26 and a 52 week high of $124.12. The company’s 50 day moving average price is $15.04 and its 200 day moving average price is $18.00. The stock has a market capitalization of $2.06 billion, a PE ratio of -2.13 and a beta of 9.98.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SBET. Global Retirement Partners LLC purchased a new stake in Sharplink Gaming during the 3rd quarter valued at $103,000. Highbridge Capital Management LLC bought a new position in shares of Sharplink Gaming during the third quarter valued at about $144,000. PFG Investments LLC purchased a new stake in shares of Sharplink Gaming during the third quarter worth about $171,000. Insigneo Advisory Services LLC bought a new stake in shares of Sharplink Gaming in the third quarter worth about $173,000. Finally, NewEdge Advisors LLC purchased a new position in Sharplink Gaming during the 2nd quarter valued at about $101,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

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.