Sharplink Gaming (NASDAQ:SBET) Shares Down 7.6% – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price dropped 7.6% during mid-day trading on Friday . The stock traded as low as $7.29 and last traded at $7.33. Approximately 2,421,065 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 7,402,918 shares. The stock had previously closed at $7.93.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SBET shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Cantor Fitzgerald assumed coverage on Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 target price on the stock. B. Riley Financial reduced their target price on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Canaccord Genuity Group set a $16.00 price target on Sharplink Gaming and gave the company a “buy” rating in a research report on Thursday, January 29th. Finally, iA Financial set a $20.00 price target on Sharplink Gaming in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.14.

Sharplink Gaming Stock Performance

The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -3.07 and a beta of 11.40. The business’s 50 day moving average is $8.46 and its 200 day moving average is $12.02.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ausdal Financial Partners Inc. raised its position in 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 buying an additional 1,606 shares during the period. The Manufacturers Life Insurance Company boosted its position in Sharplink Gaming by 4.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock worth $405,000 after acquiring an additional 1,838 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Sharplink Gaming during the 3rd quarter valued at about $49,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Sharplink Gaming by 23.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock valued at $139,000 after acquiring an additional 2,946 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in shares of Sharplink Gaming by 6.9% in the 4th quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock valued at $494,000 after purchasing an additional 3,585 shares during the period. Hedge funds and other 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.