Sharplink Gaming (NASDAQ:SBET) Shares Down 3.8% – Here’s What Happened

Shares of Sharplink Gaming Inc. (NASDAQ:SBET) traded down 3.8% during mid-day trading on Thursday . The stock traded as low as $9.49 and last traded at $9.5890. 1,753,897 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 6,909,352 shares. The stock had previously closed at $9.97.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SBET shares. B. Riley decreased their price objective on Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Zacks Research upgraded shares of Sharplink Gaming to a “hold” rating in a research report on Friday, October 17th. Industrial Alliance Securities set a $20.00 price objective on shares of Sharplink Gaming in a research note on Wednesday, January 7th. Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Wednesday, October 8th. Finally, Sanford C. Bernstein started coverage on shares of Sharplink Gaming in a research note on Friday, October 31st. They set an “outperform” rating and a $24.00 price target on the stock. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.29.

Sharplink Gaming Price Performance

The company has a market capitalization of $1.92 billion, a PE ratio of -4.09 and a beta of 11.12. The stock has a 50-day simple moving average of $10.10 and a 200 day simple moving average of $15.35.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBET. Signaturefd LLC grew its position in shares of Sharplink Gaming by 162.2% in the fourth quarter. Signaturefd LLC now owns 57,550 shares of the company’s stock valued at $514,000 after purchasing an additional 35,600 shares during the last quarter. Formidable Asset Management LLC acquired a new position in shares of Sharplink Gaming during the 4th quarter worth approximately $171,000. Abacus Planning Group Inc. purchased a new stake in Sharplink Gaming in the 4th quarter valued at approximately $94,000. IFP Advisors Inc acquired a new stake in Sharplink Gaming during the 3rd quarter valued at $102,000. Finally, Campbell Capital Management Inc. acquired a new stake in Sharplink Gaming during the 3rd quarter valued at $191,000. Institutional investors and hedge funds 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.