Sharplink Gaming Target of Unusually High Options Trading (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) was the recipient of unusually large options trading activity on Tuesday. Stock traders acquired 35,403 call options on the company. This is an increase of 42% compared to the average volume of 24,902 call options.

Sharplink Gaming Stock Performance

Shares of SBET traded down $0.23 on Tuesday, hitting $5.08. 5,217,744 shares of the stock traded hands, compared to its average volume of 7,383,368. Sharplink Gaming has a one year low of $4.98 and a one year high of $40.46. The company has a market capitalization of $1.00 billion, a PE ratio of -8.47 and a beta of 10.40. The business has a 50 day simple moving average of $6.52 and a 200 day simple moving average of $7.75.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The business had revenue of $12.06 million during the quarter, compared to the consensus estimate of $14.60 million. During the same period last year, the company posted ($1.84) earnings per share. On average, equities analysts expect that Sharplink Gaming will post 0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction dated Tuesday, May 12th. The shares were 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 in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 38,676 shares of company stock worth $286,589 in the last three months. 3.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SBET. Vanguard Group Inc. purchased a new stake in shares of Sharplink Gaming during the third quarter valued at $46,447,000. Alyeska Investment Group L.P. purchased a new position in Sharplink Gaming in the 3rd quarter worth about $42,509,000. Voloridge Investment Management LLC raised its position in Sharplink Gaming by 344.4% in the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after buying an additional 2,101,252 shares during the last quarter. Renaissance Technologies LLC bought a new position in Sharplink Gaming during the 1st quarter valued at about $11,691,000. Finally, Tidal Investments LLC bought a new position in Sharplink Gaming during the 3rd quarter valued at about $30,283,000. 13.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SBET shares. TD Cowen began coverage on Sharplink Gaming in a research report on Friday, April 10th. They issued a “buy” rating and a $16.00 price target on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Wall Street Zen cut Sharplink Gaming from a “hold” rating to a “sell” rating in a research note on Saturday. HC Wainwright started coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $16.00 target price on shares of Sharplink Gaming in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sharplink Gaming currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.11.

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.