Sharplink Gaming (NASDAQ:SBET) Trading 7.4% Higher – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET) was up 7.4% on Thursday . The company traded as high as $5.63 and last traded at $5.5550. Approximately 4,872,628 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 7,754,728 shares. The stock had previously closed at $5.17.

Analyst Upgrades and Downgrades

Several research analysts have commented on SBET shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Weiss Ratings cut Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. HC Wainwright began coverage on Sharplink Gaming in a research report on Tuesday, April 7th. They set a “buy” rating and a $10.00 price objective for the company. Cantor Fitzgerald cut their price objective on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, TD Cowen started coverage on Sharplink Gaming in a report on Friday, April 10th. They issued a “buy” rating and a $16.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.34.

Sharplink Gaming Stock Up 2.2%

The firm has a 50 day moving average of $6.17 and a 200 day moving average of $7.43. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -8.84 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Friday, May 8th. The company reported ($3.25) earnings per share 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 during the quarter, compared to the consensus estimate of $14.60 million. During the same quarter in the previous year, the firm posted ($1.84) earnings per share. Equities analysts expect that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Insider Activity

In related news, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction on 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly 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 sold 38,676 shares of company stock worth $286,589 in the last quarter. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sharplink Gaming

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