Clear Street Group Inc. Purchases New Position in Sharplink Gaming Inc. $SBET

Clear Street Group Inc. purchased a new stake in Sharplink Gaming Inc. (NASDAQ:SBET) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 587,561 shares of the company’s stock, valued at approximately $5,253,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC acquired a new position in Sharplink Gaming in the fourth quarter valued at approximately $4,398,000. Highbridge Capital Management LLC boosted its holdings in Sharplink Gaming by 5,947.5% in the fourth quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock valued at $4,584,000 after purchasing an additional 504,285 shares in the last quarter. BIT Capital GmbH boosted its holdings in Sharplink Gaming by 103.5% in the third quarter. BIT Capital GmbH now owns 1,215,819 shares of the company’s stock valued at $20,681,000 after purchasing an additional 618,508 shares in the last quarter. MMCAP International Inc. SPC acquired a new position in Sharplink Gaming in the third quarter valued at approximately $8,483,000. Finally, Cresset Asset Management LLC acquired a new position in Sharplink Gaming in the third quarter valued at approximately $2,400,000. 13.75% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sharplink Gaming

In other news, Director Robert M. Gutkowski sold 12,892 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the sale, the director owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leslie Bernhard sold 12,892 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director owned 24,998 shares of the company’s stock, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 38,676 shares of company stock worth $286,589 over the last 90 days. 3.60% of the stock is currently owned by insiders.

Sharplink Gaming Price Performance

Shares of Sharplink Gaming stock opened at $5.51 on Friday. The firm’s fifty day simple moving average is $6.63 and its 200-day simple moving average is $7.96. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -9.18 and a beta of 10.39. Sharplink Gaming Inc. has a 12 month low of $5.06 and a 12 month high of $40.46.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The company had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. During the same quarter last year, the company earned ($1.84) EPS. Analysts anticipate that Sharplink Gaming Inc. will post 0.15 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SBET shares. HC Wainwright started coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target for the company. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. TD Cowen assumed coverage on shares of Sharplink Gaming in a research report on Friday, April 10th. They set a “buy” rating and a $16.00 target price on the stock. Cantor Fitzgerald raised shares of Sharplink Gaming to a “strong-buy” rating in a report on Thursday, April 9th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $16.00 target price on shares of Sharplink Gaming in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.11.

Sharplink Gaming 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. 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.