Sharplink Gaming (NASDAQ:SBET) Issues Quarterly Earnings Results

Sharplink Gaming (NASDAQ:SBET) issued its earnings results on Friday. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01), Zacks reports. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The company had revenue of $11.53 million for the quarter, compared to analyst estimates of $12.26 million.

Sharplink Gaming Stock Performance

SBET stock opened at $6.43 on Friday. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $28.26. The stock’s 50 day moving average price is $5.65 and its 200 day moving average price is $6.73. The firm has a market cap of $1.30 billion, a P/E ratio of -10.72 and a beta of 10.48.

Insiders Place Their Bets

In related news, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction 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. This trade represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction on Tuesday, May 12th. The shares were 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 approximately $185,235.18. The trade was a 34.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 38,676 shares of company stock valued at $286,589. Corporate insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBET. Ausdal Financial Partners Inc. boosted its stake in shares of Sharplink Gaming by 16.1% during the 4th quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock worth $104,000 after purchasing an additional 1,606 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Sharplink Gaming by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after buying an additional 1,838 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sharplink Gaming during the third quarter valued at approximately $49,000. Arete Wealth Advisors LLC boosted its position in Sharplink Gaming by 6.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock worth $494,000 after acquiring an additional 3,585 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sharplink Gaming by 20.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,405 shares of the company’s stock worth $245,000 after acquiring an additional 4,605 shares during the period. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SBET. Wall Street Zen upgraded Sharplink Gaming from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Cantor Fitzgerald decreased their target price on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Citigroup reissued a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, July 9th. Finally, TD Cowen restated a “buy” rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Nine research 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.90.

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.