Sharplink Gaming (NASDAQ:SBET) Shares Up 7.6% – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET) was up 7.6% on Monday . The stock traded as high as $6.28 and last traded at $6.25. 1,392,242 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 7,885,701 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SBET shares. HC Wainwright assumed coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. Citizens Jmp decreased their price target on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.23.

Sharplink Gaming Stock Up 0.9%

The stock has a market capitalization of $1.30 billion, a P/E ratio of -10.73 and a beta of 10.45. The company has a 50 day moving average of $5.64 and a 200-day moving average of $6.94.

Sharplink Gaming (NASDAQ:SBET) last released its earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The business had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. During the same quarter in the previous year, the firm earned ($1.84) EPS. Equities analysts forecast that Sharplink Gaming Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction that occurred 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 sale, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. This represents a 34.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert M. Gutkowski sold 12,892 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was 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 $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 worth $286,589 over the last quarter. 3.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new stake in Sharplink Gaming in the third quarter valued at $49,000. Empowered Funds LLC bought a new position in shares of Sharplink Gaming during the fourth quarter worth about $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming during the first quarter worth about $65,000. Koshinski Asset Management Inc. acquired a new stake in shares of Sharplink Gaming in the 1st quarter worth about $71,000. Finally, SummitTX Capital L.P. acquired a new stake in shares of Sharplink Gaming in the 1st quarter worth about $73,000. 13.75% of the stock is currently 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.