Sharplink Gaming (NASDAQ:SBET) Stock Price Up 7.7% – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price rose 7.7% during trading on Monday . The stock traded as high as $6.06 and last traded at $6.0950. Approximately 2,761,996 shares were traded during trading, a decline of 65% from the average session volume of 7,908,337 shares. The stock had previously closed at $5.66.

Analysts Set New Price Targets

SBET has been the subject of several recent research reports. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, July 9th. HC Wainwright assumed coverage on shares of Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price objective on the stock. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Cantor Fitzgerald lowered their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sharplink Gaming presently has a consensus rating of “Moderate Buy” and an average price target of $20.23.

Sharplink Gaming Price Performance

The stock has a 50 day moving average of $5.69 and a two-hundred day moving average of $7.07. The stock has a market capitalization of $1.27 billion, a PE ratio of -10.45 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $14.60 million. During the same quarter in the previous year, the company posted ($1.84) EPS. As a group, research analysts predict that Sharplink Gaming Inc. will post 0.11 earnings per share for the current fiscal year.

Insider Transactions at Sharplink Gaming

In related 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 sale, the director owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leslie Bernhard sold 12,892 shares of the company’s stock in a transaction dated 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 owned 24,998 shares in the company, valued at $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,676 shares of company stock valued at $286,589 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sharplink Gaming during the 3rd quarter worth approximately $49,000. Empowered Funds LLC purchased a new position in Sharplink Gaming in the 4th quarter valued at approximately $56,000. Independent Financial Group LLC acquired a new position in Sharplink Gaming during the first quarter worth $65,000. Koshinski Asset Management Inc. acquired a new position in Sharplink Gaming during the first quarter worth $71,000. Finally, SummitTX Capital L.P. purchased a new stake in Sharplink Gaming during the first quarter worth $73,000. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.