Sharplink Gaming (NASDAQ:SBET) Director Sells 5,676,952 Shares of Company Stock

Sharplink Gaming Inc. (NASDAQ:SBET) Director Joseph Michael Lubin sold 5,676,952 shares of the firm’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $8.39, for a total value of $47,629,627.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Sharplink Gaming Stock Performance

NASDAQ:SBET traded down $0.08 during mid-day trading on Tuesday, reaching $8.41. The stock had a trading volume of 4,093,366 shares, compared to its average volume of 8,075,159. The stock has a market capitalization of $1.83 billion, a P/E ratio of 168.20 and a beta of 10.60. The firm has a 50 day moving average price of $8.27 and a two-hundred day moving average price of $6.94. Sharplink Gaming Inc. has a one year low of $4.46 and a one year high of $16.20.

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

Institutional Trading of Sharplink Gaming

A number of institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC bought a new stake in shares of Sharplink Gaming in the third quarter worth about $382,000. GAMMA Investing LLC increased its holdings in Sharplink Gaming by 355.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,116 shares of the company’s stock valued at $57,000 after purchasing an additional 4,774 shares during the period. Galvin Gaustad & Stein LLC bought a new position in Sharplink Gaming during the 3rd quarter valued at approximately $102,000. WINTON GROUP Ltd bought a new position in Sharplink Gaming during the 2nd quarter valued at approximately $129,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Sharplink Gaming in the 2nd quarter worth approximately $66,000. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Canaccord Genuity Group dropped their price objective 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. Citizens Jmp cut their target price on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sharplink Gaming in a research note on Friday, October 2nd. Finally, Wall Street Zen raised shares of Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Nine equities 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’s stock. According to MarketBeat.com, Sharplink Gaming has a consensus rating of “Moderate Buy” and an average target price of $17.00.

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.