Sharplink Gaming (NASDAQ:SBET) Stock Price Up 10.5% – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price rose 10.5% during trading on Wednesday . The stock traded as high as $6.81 and last traded at $6.9520. 3,556,365 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 7,802,887 shares. The stock had previously closed at $6.29.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citizens Jmp reduced their price target on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Citigroup reiterated a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Cantor Fitzgerald reduced their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Finally, Canaccord Genuity Group decreased their price target on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.01.

Sharplink Gaming Trading Up 7.2%

The company has a market cap of $1.65 billion, a price-to-earnings ratio of 151.80 and a beta of 10.48. The stock’s 50-day moving average is $5.83 and its 200-day moving average is $6.50.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). The company had revenue of $11.53 million during the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. As a group, analysts predict that Sharplink Gaming Inc. will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in shares of Sharplink Gaming during the third quarter worth approximately $46,447,000. Alyeska Investment Group L.P. bought a new position in shares of Sharplink Gaming in the 3rd quarter worth $42,509,000. Voloridge Investment Management LLC grew 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 valued at $24,240,000 after purchasing an additional 2,101,252 shares during the period. Renaissance Technologies LLC acquired a new stake in Sharplink Gaming in the 1st quarter valued at $11,691,000. Finally, Tidal Investments LLC acquired a new stake in Sharplink Gaming in the 3rd quarter valued at $30,283,000. 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.