Sharplink Gaming (NASDAQ:SBET) Reaches New 1-Year Low – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) reached a new 52-week low during trading on Friday . The stock traded as low as $5.14 and last traded at $5.1350, with a volume of 4627404 shares changing hands. The stock had previously closed at $5.72.

Analysts Set New Price Targets

Several research analysts recently commented on SBET shares. Cantor Fitzgerald upgraded shares of Sharplink Gaming to a “strong-buy” rating in a report on Thursday, April 9th. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 27th. B. Riley Financial cut their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. HC Wainwright started coverage on shares of Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.11.

Sharplink Gaming Stock Down 9.3%

The company has a market cap of $1.02 billion, a PE ratio of -8.65 and a beta of 10.39. The business’s 50 day moving average price is $6.72 and its 200-day moving average price is $8.12.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The firm had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same quarter in the prior year, the business earned ($1.84) EPS. Equities analysts expect that Sharplink Gaming Inc. 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 Sharplink Gaming stock in a transaction on 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 sale, the director owned 24,998 shares in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the sale, the director owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 38,676 shares of company stock worth $286,589. Insiders own 3.60% of the company’s stock.

Institutional Trading of Sharplink Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in SBET. JPMorgan Chase & Co. bought a new stake in shares of Sharplink Gaming in the second quarter worth $3,229,000. Qube Research & Technologies Ltd acquired a new position in Sharplink Gaming in the second quarter worth $151,000. NewEdge Advisors LLC acquired a new position in Sharplink Gaming in the second quarter worth $101,000. HUB Investment Partners LLC acquired a new position in Sharplink Gaming in the second quarter worth $298,000. Finally, Anatole Investment Management Ltd acquired a new position in Sharplink Gaming in the second quarter worth $6,332,000. Institutional investors own 13.75% of the company’s stock.

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.