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

Shares of Sharplink Gaming Inc. (NASDAQ:SBET) gapped up prior to trading on Thursday . The stock had previously closed at $7.08, but opened at $7.55. Sharplink Gaming shares last traded at $7.3660, with a volume of 3,414,093 shares traded.

Wall Street Analysts Forecast Growth

SBET has been the topic of several analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Citizens Jmp cut their price target on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Wall Street Zen downgraded shares of Sharplink Gaming from a “hold” rating to a “strong sell” rating in a research report on Saturday. Canaccord Genuity Group lowered their price objective on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.01.

Sharplink Gaming Trading Up 4.2%

The business has a 50 day simple moving average of $5.87 and a 200-day simple moving average of $6.51. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 158.20 and a beta of 10.48.

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

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds have recently bought and sold shares of SBET. Ausdal Financial Partners Inc. grew its holdings in shares of Sharplink Gaming by 16.1% during the fourth quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock valued at $104,000 after purchasing an additional 1,606 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Sharplink Gaming by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after purchasing an additional 1,838 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sharplink Gaming in the 3rd quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Sharplink Gaming by 23.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock worth $139,000 after purchasing an additional 2,946 shares during the period. Finally, Arete Wealth Advisors LLC boosted its stake in Sharplink Gaming by 6.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock valued at $494,000 after buying an additional 3,585 shares in the last quarter. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.