Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – Time to Buy?

Sharplink Gaming Inc. (NASDAQ:SBET) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.54, but opened at $10.99. Sharplink Gaming shares last traded at $10.8410, with a volume of 1,392,760 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on SBET. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Citizens Jmp began coverage on Sharplink Gaming in a research note on Thursday, October 16th. They issued a “mkt outperform” rating and a $50.00 target price on the stock. Sanford C. Bernstein started coverage on Sharplink Gaming in a research report on Friday, October 31st. They issued an “outperform” rating and a $24.00 price target for the company. Zacks Research upgraded shares of Sharplink Gaming to a “hold” rating in a research note on Friday, October 17th. Finally, B. Riley reduced their price objective on shares of Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Five 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, the stock has an average rating of “Moderate Buy” and an average price target of $32.29.

Sharplink Gaming Price Performance

The firm has a 50-day moving average of $10.21 and a 200 day moving average of $15.35. The company has a market capitalization of $2.16 billion, a PE ratio of -4.60 and a beta of 11.12.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in SBET. Formidable Asset Management LLC bought a new stake in Sharplink Gaming in the 4th quarter worth approximately $171,000. Abacus Planning Group Inc. purchased a new position in shares of Sharplink Gaming in the 4th quarter worth $94,000. IFP Advisors Inc bought a new stake in shares of Sharplink Gaming in the third quarter worth $102,000. Campbell Capital Management Inc. bought a new stake in shares of Sharplink Gaming in the third quarter worth $191,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sharplink Gaming during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

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.