Sharplink Gaming (NASDAQ:SBET) Trading Down 7.6% – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET) traded down 7.6% during trading on Friday . The company traded as low as $7.29 and last traded at $7.33. 2,421,065 shares were traded during trading, a decline of 67% from the average session volume of 7,402,918 shares. The stock had previously closed at $7.93.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SBET shares. iA Financial set a $20.00 target price on Sharplink Gaming in a research note on Wednesday, January 7th. Wall Street Zen cut shares of Sharplink Gaming from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Cantor Fitzgerald assumed coverage on shares of Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective for the company. Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. Finally, Canaccord Genuity Group set a $16.00 target price on shares of Sharplink Gaming and gave the stock a “buy” rating in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.14.

Sharplink Gaming Price Performance

The stock’s 50-day moving average price is $8.49 and its 200 day moving average price is $12.15. The firm has a market cap of $1.44 billion, a P/E ratio of -3.05 and a beta of 11.40.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds have recently modified their holdings of SBET. Thames Capital Management LLC bought a new stake in Sharplink Gaming during the second quarter worth about $1,566,000. JPMorgan Chase & Co. acquired a new position in shares of Sharplink Gaming during the 2nd quarter worth approximately $3,229,000. XTX Topco Ltd raised its stake in shares of Sharplink Gaming by 509.9% during the 2nd quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock worth $1,095,000 after purchasing an additional 92,189 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Sharplink Gaming in the 2nd quarter valued at approximately $26,852,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Sharplink Gaming in the second quarter valued at $151,000. 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.