Sharplink Gaming (NASDAQ:SBET) Stock Price Down 6.5% – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET) traded down 6.5% during trading on Thursday . The stock traded as low as $5.98 and last traded at $6.0370. 813,348 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 6,904,801 shares. The stock had previously closed at $6.46.

Analyst Ratings Changes

SBET has been the subject of several research reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Citizens Jmp reduced their target price on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. iA Financial set a $20.00 price target on shares of Sharplink Gaming in a research note on Wednesday, January 7th. B. Riley Financial cut their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sharplink Gaming currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.71.

Sharplink Gaming Price Performance

The business has a 50-day simple moving average of $7.46 and a two-hundred day simple moving average of $10.71. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -2.59 and a beta of 11.29.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Friday, March 6th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.11. The company had revenue of $13.31 million during the quarter, compared to the consensus estimate of $17.19 million. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.

Hedge Funds Weigh In On Sharplink Gaming

Institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP bought a new stake in Sharplink Gaming in the 2nd quarter valued at $26,852,000. APEIRON CAPITAL Ltd bought a new position in Sharplink Gaming during the 3rd quarter worth $23,038,000. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Sharplink Gaming during the third quarter worth $30,812,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Sharplink Gaming in the third quarter valued at about $2,190,000. Finally, BIT Capital GmbH grew its stake in shares of Sharplink Gaming by 103.5% in the third quarter. BIT Capital GmbH now owns 1,215,819 shares of the company’s stock valued at $20,681,000 after acquiring an additional 618,508 shares in the last quarter. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.