Sharplink Gaming (NASDAQ:SBET) Stock Price Up 7.7% – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price was up 7.7% during mid-day trading on Wednesday. The company traded as high as $8.46 and last traded at $8.4750. Approximately 5,617,289 shares were traded during trading, a decline of 30% from the average daily volume of 8,075,837 shares. The stock had previously closed at $7.87.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. B. Riley Financial restated a “buy” rating and set a $14.00 target price (up from $12.00) on shares of Sharplink Gaming in a research report on Tuesday, September 22nd. TD Cowen restated a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Canaccord Genuity Group lowered their price objective on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. Wall Street Zen upgraded Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sharplink Gaming in a research report on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Sharplink Gaming Stock Performance

The stock’s fifty day simple moving average is $8.46 and its 200-day simple moving average is $7.00. The company has a market capitalization of $1.84 billion, a PE ratio of 169.70 and a beta of 10.60.

Sharplink Gaming (NASDAQ:SBET) last issued 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 business had revenue of $11.53 million during the quarter, compared to analysts’ expectations of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. On average, equities analysts anticipate that Sharplink Gaming Inc. will post 0.12 EPS for the current year.

Insider Activity

In other news, Director Joseph Lubin sold 5,676,952 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $8.39, for a total transaction of $47,629,627.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.60% of the stock is owned by company insiders.

Institutional Trading of Sharplink Gaming

Several large investors have recently made changes to their positions in SBET. Abel Hall LLC grew its stake in Sharplink Gaming by 34.8% in the 3rd quarter. Abel Hall LLC now owns 29,000 shares of the company’s stock valued at $269,000 after buying an additional 7,488 shares during the last quarter. Avior Wealth Management LLC bought a new stake in Sharplink Gaming in the third quarter valued at $382,000. GAMMA Investing LLC boosted its position in Sharplink Gaming by 355.7% in the third quarter. GAMMA Investing LLC now owns 6,116 shares of the company’s stock valued at $57,000 after buying an additional 4,774 shares in the last quarter. Galvin Gaustad & Stein LLC acquired a new stake in shares of Sharplink Gaming in the third quarter valued at $102,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Sharplink Gaming during the second quarter valued at approximately $129,000. Institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a technology and performance-marketing company serving the online sports betting and iGaming industries. The company provides customer-acquisition solutions designed to connect sports fans and gaming audiences with licensed betting and gaming operators through digital marketing, affiliate partnerships and related technology.

SharpLink’s activities have historically focused on the United States and other regulated online gaming markets, where it has supported operators with player acquisition, engagement and retention initiatives.