SharpLink Gaming stock initiated with Buy rating at B.Riley By Investing.com
Key Takeaways
- B.Riley initiated coverage on SharpLink Gaming (SBET) with a Buy rating and a $32 price target.
- The firm values SharpLink highly due to its combined online gaming marketing and Ethereum treasury strategy, noting management's strong credibility in the ETH ecosystem.
- SharpLink's current valuation of 0.8x modified Net Asset Value (mNAV) is considered attractive, with B.Riley expecting expansion to 1.5x mNAV.
- The company has authorized a substantial $1.5 billion stock repurchase program and is actively buying back shares, signaling management believes the stock is undervalued.
- Citizens also initiated coverage with a Market Outperform rating and a $50 price target, emphasizing the opportunity for ETH exposure.
B.Riley initiated coverage on SharpLink Gaming (SBET) with a Buy rating and a $32.00 price target, noting the stock's recent volatility but emphasizing its attractive valuation at 0.8x modified Net Asset Value (mNAV). The firm views SharpLink as a leading DATCO leveraging an online gaming marketing business alongside a significant Ethereum treasury strategy, bolstered by management's "unmatched ecosystem credibility." B.Riley projects the company's ETH holdings will reach 2.6 million coins by the end of 2026, expecting the valuation premium to expand. In parallel, SharpLink Gaming announced a share buyback program and a board authorization for up to $1.5 billion in stock repurchases, underscoring management's belief that the stock is undervalued. Citizens also initiated coverage with a Market Outperform rating and a $50 price target, framing the company as a prime vehicle for ETH exposure.
