Sharplink Gaming (NASDAQ:SBET) Hits New 12-Month Low – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $5.03 and last traded at $5.0970, with a volume of 802831 shares traded. The stock had previously closed at $5.31.

Analysts Set New Price Targets

SBET has been the topic of a number of research analyst reports. Weiss Ratings lowered Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. Wall Street Zen lowered Sharplink Gaming from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. HC Wainwright assumed coverage on shares of Sharplink Gaming in a report on Tuesday, April 7th. They set a “buy” rating and a $10.00 target price for the company. Citizens Jmp lowered their price target on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating on the stock in a research report on Wednesday, March 11th. Finally, Cantor Fitzgerald upgraded shares of Sharplink Gaming to a “strong-buy” rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Sharplink Gaming currently has an average rating of “Moderate Buy” and a consensus target price of $22.11.

Sharplink Gaming Stock Performance

The stock has a market cap of $931.82 million, a PE ratio of -7.88 and a beta of 10.39. The company’s 50-day moving average price is $6.45 and its 200 day moving average price is $7.66.

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

Insiders Place Their Bets

In other Sharplink Gaming news, Director Leslie Bernhard sold 12,892 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. This represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 38,676 shares of company stock worth $286,589 over the last three months. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Sharplink Gaming

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sharplink Gaming in the 3rd quarter valued at about $49,000. IFP Advisors Inc acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at $102,000. Empowered Funds LLC acquired a new position in Sharplink Gaming in the fourth quarter valued at $56,000. Independent Financial Group LLC purchased a new stake in Sharplink Gaming during the 1st quarter valued at approximately $65,000. Finally, R Squared Ltd purchased a new stake in shares of Sharplink Gaming during the fourth quarter worth approximately $90,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

About Sharplink Gaming

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.