Sharplink Gaming (NASDAQ:SBET) Stock Price Up 8.6% – Still a Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price rose 8.6% during trading on Monday . The company traded as high as $8.20 and last traded at $8.18. Approximately 1,126,423 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 7,102,486 shares. The stock had previously closed at $7.53.

Analyst Ratings Changes

SBET has been the subject of a number of research analyst reports. Citizens Jmp reduced their target price on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. Canaccord Genuity Group reissued a “buy” rating and set a $16.00 price target on shares of Sharplink Gaming in a research report on Tuesday. B. Riley Financial reduced their price objective 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. Finally, iA Financial set a $20.00 target price on Sharplink Gaming in a research note on Wednesday, January 7th. Six equities 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 MarketBeat.com, Sharplink Gaming has a consensus rating of “Moderate Buy” and a consensus price target of $24.71.

Sharplink Gaming Stock Up 1.3%

The business has a 50-day moving average of $8.23 and a 200-day moving average of $11.40. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -3.48 and a beta of 11.40.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Monday, March 9th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.11. The company had revenue of $13.31 million for the quarter, compared to analyst estimates 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. bought a new stake in Sharplink Gaming in the third quarter worth approximately $46,447,000. Marshall Wace LLP acquired a new position in Sharplink Gaming during the second quarter worth $26,852,000. Alyeska Investment Group L.P. bought a new position in Sharplink Gaming during the third quarter valued at about $42,509,000. Voloridge Investment Management LLC raised its holdings in 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 buying an additional 2,101,252 shares in the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Sharplink Gaming in the third quarter worth about $30,812,000. Institutional investors own 13.75% of the company’s stock.

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.