Sharplink Gaming (NASDAQ:SBET) Trading Up 4.5% – Here’s Why

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price shot up 4.5% on Friday . The stock traded as high as $5.63 and last traded at $5.5570. Approximately 895,879 shares were traded during mid-day trading, a decline of 89% from the average session volume of 7,846,886 shares. The stock had previously closed at $5.32.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup restated a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Cantor Fitzgerald dropped their target price on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $16.00 target price on shares of Sharplink Gaming in a research report on Tuesday, March 17th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.23.

Sharplink Gaming Trading Up 2.5%

The company has a market capitalization of $1.10 billion, a P/E ratio of -9.07 and a beta of 10.45. The stock’s fifty day moving average is $5.94 and its 200 day moving average is $7.25.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The firm had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same quarter in the previous year, the firm posted ($1.84) EPS. On average, analysts expect that Sharplink Gaming Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling at Sharplink Gaming

In related news, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 38,676 shares of company stock valued at $286,589 in the last 90 days. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SBET. Alyeska Investment Group L.P. boosted its position in shares of Sharplink Gaming by 70.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock valued at $38,162,000 after purchasing an additional 1,769,589 shares in the last quarter. Weiss Asset Management LP raised its holdings in Sharplink Gaming by 19.1% in the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after purchasing an additional 488,247 shares in the last quarter. Invesco Ltd. lifted its position in Sharplink Gaming by 165.9% during the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after buying an additional 1,706,011 shares during the period. Vanguard Group Inc. bought a new stake in shares of Sharplink Gaming during the 3rd quarter valued at $46,447,000. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after buying an additional 2,101,252 shares in the last quarter. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Company 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.