Sharplink Gaming (NASDAQ:SBET) Shares Down 7% – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) traded down 7% on Wednesday. The stock traded as low as $8.85 and last traded at $8.8350. Approximately 2,273,059 shares traded hands during trading, a decline of 72% from the average session volume of 8,071,824 shares. The stock had previously closed at $9.50.

Analyst Ratings Changes

SBET has been the subject of a number of research reports. B. Riley Financial reiterated a “buy” rating and issued a $14.00 price objective (up from $12.00) on shares of Sharplink Gaming in a report on Tuesday, September 22nd. Cantor Fitzgerald upped their target price on shares of Sharplink Gaming from $8.30 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, September 10th. Canaccord Genuity Group reduced their target price on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, August 18th. Citizens Jmp decreased their price target on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Finally, TD Cowen reissued a “buy” rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Sharplink Gaming Price Performance

The firm’s 50 day moving average price is $8.18 and its 200-day moving average price is $6.92. The stock has a market cap of $1.91 billion, a P/E ratio of 176.20 and a beta of 10.60.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($1.89). The firm had revenue of $11.53 million for the quarter, compared to the consensus estimate of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. On average, analysts expect that Sharplink Gaming Inc. will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Sharplink Gaming by 355.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,116 shares of the company’s stock worth $57,000 after acquiring an additional 4,774 shares during the last quarter. Galvin Gaustad & Stein LLC purchased a new stake in Sharplink Gaming in the 3rd quarter worth $102,000. WINTON GROUP Ltd purchased a new position in shares of Sharplink Gaming in the second quarter valued at about $129,000. Ameritas Advisory Services LLC bought a new stake in Sharplink Gaming during the 2nd quarter valued at approximately $66,000. Finally, Compass Financial Management LLC bought a new position in Sharplink Gaming in the 2nd quarter worth approximately $1,110,000. Institutional investors own 13.75% of the company’s stock.

About Sharplink Gaming

SharpLink Gaming Ltd. (NASDAQ: SBET) is a technology and digital marketing company serving the online sports betting and iGaming industries. Its platform is designed to help sportsbook and casino operators acquire, engage and retain customers through performance marketing, affiliate partnerships, data-driven campaigns and conversion tools.

The company has historically focused on connecting sports audiences with licensed online betting and gaming operators, supporting customer referral programs and related marketing initiatives.