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Investing.com - B.Riley initiated coverage on SharpLink Gaming (NASDAQ:SBET) with a Buy rating and a price target of $32.00 on Thursday. The stock, currently trading at $15.15, has shown significant volatility with a 450% surge over the past six months, though it’s down about 11% in the past week.
The firm views SharpLink as the second-largest ETH DATCO, combining an online gaming marketing business with an Ethereum treasury strategy.
B.Riley highlighted the chairman’s role in creating and launching ETH as providing management with "unmatched ecosystem credibility," which alongside traditional finance expertise and staking yields makes the current market valuation of 0.8x modified Net Asset Value (mNAV) attractive.
The research firm expects SharpLink’s premium to expand to 1.5x mNAV over the next 12 months and projects the company’s ETH holdings will reach 2.6 million coins by year-end 2026.
SharpLink’s strategy supports aggressive ETH accumulation, though B.Riley notes the actual pace will depend on whether equity raises remain accretive at prevailing mNAV multiples.
In other recent news, SharpLink Gaming has initiated a share buyback program, repurchasing approximately 939,000 shares of common stock at an average price of $15.98. The company believes its stock is significantly undervalued and holds approximately $3.6 billion in Ether, with nearly 100% of its ETH holdings staked, generating revenue. Furthermore, SharpLink’s Board of Directors has authorized a substantial stock repurchase program of up to $1.5 billion, aimed at providing market support and optimizing capital allocation. In a related development, the board approved an Inducement Award Plan, reserving 3,000,000 shares of the company’s common stock for issuance to new employees.
Additionally, Citizens has initiated coverage on SharpLink Gaming with a Market Outperform rating and a price target of $50.00. This rating reflects the firm’s view of SharpLink as a leading Ethereum treasury company, offering investors a unique opportunity to gain exposure to ETH’s growth. These developments highlight the company’s strategic moves to enhance shareholder value and strengthen its market position.
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