Sharplink Gaming (NASDAQ:SBET) Shares Gap Down – Time to Sell?

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $8.88, but opened at $8.16. Sharplink Gaming shares last traded at $8.06, with a volume of 4,924,396 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SBET shares. Industrial Alliance Securities set a $20.00 target price on Sharplink Gaming in a research note on Wednesday, January 7th. JMP Securities assumed coverage on shares of Sharplink Gaming in a report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 target price for the company. Zacks Research upgraded shares of Sharplink Gaming to a “hold” rating in a research note on Friday, October 17th. Cantor Fitzgerald assumed coverage on Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.25.

Sharplink Gaming Stock Down 7.6%

The company’s 50 day moving average price is $9.93 and its two-hundred day moving average price is $14.34.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SBET. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming during the 3rd quarter valued at approximately $49,000. R Squared Ltd purchased a new position in Sharplink Gaming during the fourth quarter valued at approximately $90,000. Abacus Planning Group Inc. bought a new position in shares of Sharplink Gaming in the fourth quarter worth approximately $94,000. NewEdge Advisors LLC purchased a new stake in shares of Sharplink Gaming in the second quarter worth $101,000. Finally, IFP Advisors Inc bought a new stake in shares of Sharplink Gaming during the 3rd quarter valued at $102,000. 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.