Sharplink Gaming (NASDAQ:SBET) Stock Falls 7% – Time to Sell?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price dropped 7% on Wednesday. The stock traded as low as $8.85 and last traded at $8.8350. 2,273,059 shares changed hands during trading, a decline of 72% from the average session volume of 8,071,824 shares. The stock had previously closed at $9.50.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. B. Riley Financial restated a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of Sharplink Gaming in a report on Tuesday, September 22nd. TD Cowen reissued a “buy” rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a research note on Thursday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Sharplink Gaming in a report on Friday. Finally, Canaccord Genuity Group lowered their target price on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Sharplink Gaming Price Performance

The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 178.10 and a beta of 10.60. The firm has a 50-day moving average price of $8.07 and a two-hundred day moving average price of $6.90.

Sharplink Gaming (NASDAQ:SBET) last announced its earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). The firm had revenue of $11.53 million during the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. On average, equities analysts predict that Sharplink Gaming Inc. will post 0.12 EPS for the current year.

Institutional Trading of Sharplink Gaming

A number of institutional investors have recently made changes to their positions in SBET. Renaissance Technologies LLC acquired a new position in shares of Sharplink Gaming during the 1st quarter worth approximately $11,691,000. Clear Street Group Inc. acquired a new stake in shares of Sharplink Gaming in the 4th quarter valued at approximately $5,253,000. SG Americas Securities LLC boosted its holdings in shares of Sharplink Gaming by 332.9% in the 1st quarter. SG Americas Securities LLC now owns 758,022 shares of the company’s stock valued at $4,889,000 after buying an additional 582,919 shares during the last quarter. Lakewood Capital Management LP bought a new position in shares of Sharplink Gaming in the second quarter valued at $2,683,000. Finally, Bank of New York Mellon Corp acquired a new position in Sharplink Gaming during the second quarter worth $2,488,000. Institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. (NASDAQ: SBET) is a technology and digital marketing company serving the online sports betting and iGaming industries. Its platform is designed to help sportsbook and casino operators acquire, engage and retain customers through performance marketing, affiliate partnerships, data-driven campaigns and conversion tools.

The company has historically focused on connecting sports audiences with licensed online betting and gaming operators, supporting customer referral programs and related marketing initiatives.