Sharplink Gaming Inc. $SBET Shares Purchased by MMCAP International Inc. SPC

MMCAP International Inc. SPC boosted its holdings in Sharplink Gaming Inc. (NASDAQ:SBET) by 61.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 807,600 shares of the company’s stock after purchasing an additional 308,900 shares during the quarter. MMCAP International Inc. SPC owned about 0.41% of Sharplink Gaming worth $7,220,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SBET. Caitong International Asset Management Co. Ltd acquired a new position in Sharplink Gaming in the third quarter valued at approximately $49,000. R Squared Ltd acquired a new stake in shares of Sharplink Gaming in the fourth quarter valued at approximately $90,000. Abacus Planning Group Inc. acquired a new stake in shares of Sharplink Gaming in the fourth quarter valued at approximately $94,000. NewEdge Advisors LLC acquired a new stake in shares of Sharplink Gaming in the second quarter valued at approximately $101,000. Finally, IFP Advisors Inc acquired a new stake in shares of Sharplink Gaming in the third quarter valued at approximately $102,000. 13.75% of the stock is owned by institutional investors and hedge funds.

Sharplink Gaming Stock Performance

NASDAQ:SBET opened at $6.18 on Wednesday. The stock has a fifty day moving average price of $7.01 and a two-hundred day moving average price of $8.41. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -10.30 and a beta of 10.69. Sharplink Gaming Inc. has a 1 year low of $5.96 and a 1 year high of $124.12.

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). The business had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.During the same quarter in the previous year, the company posted ($1.84) EPS. On average, analysts predict that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SBET. Citizens Jmp decreased their price objective on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. HC Wainwright began coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price objective for the company. B. Riley Financial decreased their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $16.00 price objective on shares of Sharplink Gaming in a report on Tuesday, March 17th. Finally, Cantor Fitzgerald raised Sharplink Gaming to a “strong-buy” rating in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.11.

Insider Transactions at Sharplink Gaming

In other news, Director Obie Mckenzie sold 12,892 shares of the business’s 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 owned 24,998 shares of the company’s stock, valued at $185,235.18. The trade was a 34.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie Bernhard sold 12,892 shares of the business’s 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 directly owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 38,676 shares of company stock valued at $286,589 in the last quarter. 3.60% of the stock is currently owned by corporate insiders.

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.