Sharplink Gaming (NASDAQ:SBET) Reaches New 12-Month Low – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) shares reached a new 52-week low on Thursday . The company traded as low as $5.66 and last traded at $5.8020, with a volume of 1911965 shares changing hands. The stock had previously closed at $6.00.

Analysts Set New Price Targets

A number of brokerages have recently commented on SBET. Cantor Fitzgerald upgraded shares of Sharplink Gaming to a “strong-buy” rating in a research report on Thursday, April 9th. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Canaccord Genuity Group reiterated a “buy” rating and issued a $16.00 target price on shares of Sharplink Gaming in a report on Tuesday, March 17th. B. Riley Financial decreased their price target on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Finally, Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sharplink Gaming currently has an average rating of “Moderate Buy” and a consensus price target of $22.11.

Sharplink Gaming Stock Performance

The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -9.89 and a beta of 10.69. The company’s fifty day moving average price is $6.97 and its 200 day moving average price is $8.37.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings results 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). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The business had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. During the same quarter last year, the firm posted ($1.84) EPS. As a group, sell-side analysts expect that Sharplink Gaming Inc. will post 0.15 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert M. Gutkowski 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 transaction, the director owned 24,998 shares in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Leslie Bernhard sold 12,892 shares of the business’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 value of $95,529.72. Following the sale, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,676 shares of company stock worth $286,589 in the last quarter. 3.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors have recently bought and sold shares of SBET. JPMorgan Chase & Co. bought a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $3,229,000. Qube Research & Technologies Ltd bought a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $151,000. NewEdge Advisors LLC bought a new stake in Sharplink Gaming during the 2nd quarter worth about $101,000. HUB Investment Partners LLC bought a new stake in Sharplink Gaming during the 2nd quarter worth about $298,000. Finally, Anatole Investment Management Ltd bought a new stake in Sharplink Gaming during the 2nd quarter worth about $6,332,000. 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.