Sharplink Gaming (NASDAQ:SBET) Trading Down 4.3% – Here’s Why

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price fell 4.3% on Friday . The company traded as low as $9.88 and last traded at $9.8410. 1,013,168 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 6,792,615 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

Several research analysts recently commented on the company. Sanford C. Bernstein began coverage on Sharplink Gaming in a research note on Friday, October 31st. They issued an “outperform” rating and a $24.00 price target on the stock. Citizens Jmp started coverage on Sharplink Gaming in a report on Thursday, October 16th. They set a “mkt outperform” rating and a $50.00 price objective on the stock. B. Riley cut their target price on Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. JMP Securities began coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 price target for the company. Finally, Zacks Research raised shares of Sharplink Gaming to a “hold” rating in a report on Friday, October 17th. Five investment 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. Based on data from MarketBeat, Sharplink Gaming currently has a consensus rating of “Moderate Buy” and an average price target of $32.29.

Sharplink Gaming Trading Down 1.9%

The company has a 50-day moving average of $10.40 and a 200-day moving average of $15.33. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of -4.27 and a beta of 11.12.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. IFP Advisors Inc acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at about $102,000. Campbell Capital Management Inc. bought a new position in Sharplink Gaming in the third quarter worth about $191,000. Caitong International Asset Management Co. Ltd acquired a new position in Sharplink Gaming in the third quarter valued at approximately $49,000. NewEdge Advisors LLC grew its holdings in shares of Sharplink Gaming by 103.7% during the third quarter. NewEdge Advisors LLC now owns 20,780 shares of the company’s stock valued at $353,000 after purchasing an additional 10,578 shares during the last quarter. Finally, Meteora Capital LLC bought a new position in shares of Sharplink Gaming during the third quarter valued at approximately $204,000. 13.75% of the stock is currently owned by institutional investors.

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.