Sharplink Gaming (NASDAQ:SBET) Shares Up 7.4% – What’s Next?

Shares of Sharplink Gaming Inc. (NASDAQ:SBET) traded up 7.4% during trading on Thursday . The stock traded as high as $5.63 and last traded at $5.5550. 4,872,628 shares were traded during mid-day trading, a decline of 37% from the average session volume of 7,754,728 shares. The stock had previously closed at $5.17.

Wall Street Analyst Weigh In

SBET has been the subject of several analyst reports. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Weiss Ratings lowered shares of Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. Wall Street Zen cut shares of Sharplink Gaming from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. HC Wainwright initiated coverage on shares of Sharplink Gaming in a research report on Tuesday, April 7th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Canaccord Genuity Group restated a “buy” rating and set a $16.00 target price on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Sharplink Gaming presently has an average rating of “Moderate Buy” and a consensus target price of $21.34.

Sharplink Gaming Stock Performance

The firm has a market cap of $1.07 billion, a P/E ratio of -8.84 and a beta of 10.45. The company’s 50 day moving average is $6.17 and its 200 day moving average is $7.43.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The company had revenue of $12.06 million during the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same quarter in the prior year, the business earned ($1.84) EPS. On average, equities research analysts anticipate that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Insider Activity at Sharplink Gaming

In related news, Director Leslie Bernhard sold 12,892 shares of the business’s 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 in the company, 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 SEC, which is available at this hyperlink. Also, Director Robert M. Gutkowski sold 12,892 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares of the company’s stock, 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. Insiders have sold a total of 38,676 shares of company stock valued at $286,589 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SBET. Alyeska Investment Group L.P. boosted its position in Sharplink Gaming by 70.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock worth $38,162,000 after buying an additional 1,769,589 shares during the period. Weiss Asset Management LP increased its position in Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock valued at $19,624,000 after acquiring an additional 488,247 shares during the period. Invesco Ltd. raised its stake in shares of Sharplink Gaming by 165.9% during the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after acquiring an additional 1,706,011 shares during the last quarter. Vanguard Group Inc. bought a new position in shares of Sharplink Gaming during the third quarter valued at $46,447,000. Finally, Voloridge Investment Management LLC raised its stake in shares of Sharplink Gaming by 344.4% during the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after acquiring an additional 2,101,252 shares during the last quarter. 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.