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

Sharplink Gaming Inc. (NASDAQ:SBET) shares gapped up prior to trading on Friday . The stock had previously closed at $7.48, but opened at $7.84. Sharplink Gaming shares last traded at $7.9550, with a volume of 1,238,846 shares trading hands.

Analyst Ratings Changes

SBET has been the subject of several research analyst reports. 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. iA Financial set a $20.00 price objective on Sharplink Gaming in a report on Wednesday, January 7th. Canaccord Genuity Group set a $16.00 target price on Sharplink Gaming and gave the company a “buy” rating in a research report on Thursday, January 29th. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. Finally, B. Riley Financial reduced their price target on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.71.

Sharplink Gaming Trading Up 4.8%

The stock’s 50-day simple moving average is $8.35 and its 200-day simple moving average is $11.74. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -3.27 and a beta of 11.40.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Monday, March 9th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 2,618.38% and a negative return on equity of 50.72%.

Institutional Trading of Sharplink Gaming

A number of institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sharplink Gaming during the 3rd quarter worth approximately $49,000. Empowered Funds LLC bought a new stake in Sharplink Gaming during the fourth quarter worth $56,000. R Squared Ltd bought a new stake in Sharplink Gaming during the fourth quarter worth $90,000. Abacus Planning Group Inc. acquired a new stake in shares of Sharplink Gaming in the 4th quarter valued at $94,000. Finally, CI Investments Inc. acquired a new stake in shares of Sharplink Gaming in the 4th quarter valued at $100,000. 13.75% of the stock is currently owned by institutional investors.

Sharplink Gaming Company Profile

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.