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

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price gapped down prior to trading on Friday . The stock had previously closed at $8.98, but opened at $8.60. Sharplink Gaming shares last traded at $8.4720, with a volume of 919,115 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on SBET. TD Cowen reissued a “buy” rating and set a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Cantor Fitzgerald cut their price target on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Citizens Jmp reduced their price target on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Finally, Wall Street Zen raised Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.39.

Sharplink Gaming Stock Down 5.1%

The stock has a market capitalization of $1.85 billion, a PE ratio of 170.20 and a beta of 10.56. The firm has a 50 day moving average price of $6.45 and a 200-day moving average price of $6.60.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate 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%. Equities analysts expect that Sharplink Gaming Inc. will post 0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sharplink Gaming

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new stake in Sharplink Gaming in the 3rd quarter valued at $49,000. Empowered Funds LLC acquired a new stake in shares of Sharplink Gaming in the fourth quarter valued at about $56,000. Independent Financial Group LLC purchased a new stake in shares of Sharplink Gaming during the first quarter worth about $65,000. Ameritas Advisory Services LLC acquired a new position in shares of Sharplink Gaming during the 2nd quarter worth about $66,000. Finally, Koshinski Asset Management Inc. purchased a new stake in Sharplink Gaming during the 1st quarter worth approximately $71,000. Institutional investors and hedge funds 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.