Noble cuts TP on SEGG Media on delays and execution risks, still sees 1,000+% upside

Noble Capital Markets has cut its target price by nearly 23% on small media company SEGG Media, the owner of Sports.com, Concerts.com, and Lottery.com. The business is not scaling as quickly as expected, and investors should factor in the risk of capital dilution. Even after the downward revision, Noble’s target price still implies upside of more than 1,000%.

Noble now sees the fair value of SEGG Media shares at $15.50 per share, according to an update on the company titled "Waiting For Revenues To Ramp." The new target price is almost 23% lower than Noble’s previous one but stands 1,048% above current quotes. Yesterday, November 25, SEGG Media closed down 5.5% at $1.35 per share. The stock has now declined more than 72% year to date, for a market capitalization of $6.8 million.

The target price cut comes in response to modest revenues and an operating loss reported for the company's third quarter. SEGG Media’s revenue fell 31.4% year over year to $137,700, while its operating loss widened 29% to $4.7 million.

These financials underscore the early-stage nature of the company’s operations and the limited monetization across its portfolio, Noble wrote. Still, what matters more, it argues, are the steps SEGG Media is taking to make acquisitions and build its businesses.

SEGG Media’s plan to open the Boca Raton All-Sports Arena – a 100,000 square foot (about 9,300 square meter) facility featuring high-performance athletic spaces such as padel, pickleball, basketball, golf simulators, and a premium gymnasium – appears to have stalled, Noble said. Only two months ago, the analysts called this business line a key near-term driver for the company.

The company is now negotiating a broader arrangement with the landlord to expand the space to 140,000 square feet, which would support a broader range of services, including Formula One simulators. The opening date, however, has been pushed back, and Noble cited the delay as one of the reasons for the new target price.

Investors should also be mindful of dilution, the analysts wrote, as SEGG Media may require additional capital. The company’s business may not grow as quickly as projected, which could exert pressure on the share price, as well, Noble concluded.

SEGG Media was until recently known as Lottery.com and focused on lottery ticket sales. Operational failures and liquidity shortages forced the company into a restructuring that lasted more than two years, during which time it overhauled its board and management team and raised $250 million.

Today, SEGG Media’s assets include the Sports.com streaming platform, ticket site Concerts.com, and various sports media rights. The company also plans to reintroduce the Lottery.com brand to the U.S. market over the next 12 months. In addition, it recently announced an acquired 51% stake in Ant Media & Productions, led by television presenter and 2028 London mayoral candidate Ant Middleton. SEGG Media has called the acquisition a "foundational pillar of the premium content slate for Sports.com Studios across 2025-2026."