Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – Should You Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $6.70, but opened at $7.11. Sharplink Gaming shares last traded at $7.3770, with a volume of 2,467,069 shares.

Analysts Set New Price Targets

Several brokerages have weighed in on SBET. Citizens Jmp lowered their price target on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating on the stock in a report on Wednesday, March 11th. Cantor Fitzgerald upgraded shares of Sharplink Gaming to a “strong-buy” rating in a research note on Thursday, April 9th. TD Cowen initiated coverage on shares of Sharplink Gaming in a report on Friday, April 10th. They issued a “buy” rating and a $16.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sharplink Gaming presently has an average rating of “Moderate Buy” and a consensus price target of $22.11.

Sharplink Gaming Price Performance

The company has a market cap of $1.49 billion, a P/E ratio of -3.17 and a beta of 11.31. The firm’s 50-day moving average is $6.99 and its two-hundred day moving average is $9.99.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, March 6th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.11. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%. The business had revenue of $13.31 million during the quarter, compared to analyst estimates of $17.19 million.

Institutional Investors Weigh In On Sharplink Gaming

Several large investors have recently added to or reduced their stakes in SBET. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sharplink Gaming in the 3rd quarter valued at approximately $49,000. Empowered Funds LLC bought a new stake in Sharplink Gaming in the fourth quarter worth $56,000. R Squared Ltd purchased a new position in Sharplink Gaming during the fourth quarter worth $90,000. Abacus Planning Group Inc. purchased a new stake in shares of Sharplink Gaming in the fourth quarter valued at $94,000. Finally, CI Investments Inc. bought a new stake in shares of Sharplink Gaming in the 4th quarter worth about $100,000. 13.75% of the stock is owned by institutional investors.

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.