Sharplink Gaming (NASDAQ:SBET) Stock Price Up 4.5% – Still a Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price traded up 4.5% on Friday . The stock traded as high as $5.63 and last traded at $5.5570. Approximately 895,879 shares were traded during trading, a decline of 89% from the average daily volume of 7,846,886 shares. The stock had previously closed at $5.32.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SBET shares. Wall Street Zen lowered Sharplink Gaming from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. HC Wainwright assumed coverage on Sharplink Gaming in a research report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $16.00 price objective on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Citizens Jmp decreased their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research report on Thursday. Finally, Citigroup reissued a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming presently has an average rating of “Moderate Buy” and an average target price of $20.23.

Sharplink Gaming Trading Up 2.5%

The firm has a fifty day moving average of $5.94 and a two-hundred day moving average of $7.25. The company has a market cap of $1.10 billion, a PE ratio of -9.07 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). The business 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 period last year, the company earned ($1.84) earnings per share. Sell-side analysts expect that Sharplink Gaming Inc. will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction that occurred 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 transaction, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert M. Gutkowski sold 12,892 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 38,676 shares of company stock valued at $286,589. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors and hedge funds have recently modified their holdings of SBET. Wolverine Asset Management LLC purchased a new stake in Sharplink Gaming in the 4th quarter worth approximately $4,398,000. Highbridge Capital Management LLC increased its holdings in shares of Sharplink Gaming by 5,947.5% in the fourth quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock worth $4,584,000 after purchasing an additional 504,285 shares during the period. Clear Street Group Inc. purchased a new stake in shares of Sharplink Gaming in the fourth quarter worth $5,253,000. Boundless Plain Holdings Ltd purchased a new stake in shares of Sharplink Gaming in the fourth quarter worth $8,150,000. Finally, SG Americas Securities LLC boosted its stake in Sharplink Gaming by 332.9% during the first quarter. SG Americas Securities LLC now owns 758,022 shares of the company’s stock valued at $4,889,000 after buying an additional 582,919 shares during the period. 13.75% of the stock is owned by hedge funds and other institutional investors.

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.