Sharplink Gaming (NASDAQ:SBET) Shares Down 6.7% – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price was down 6.7% on Tuesday . The stock traded as low as $8.54 and last traded at $8.5410. Approximately 1,094,097 shares traded hands during trading, a decline of 86% from the average daily volume of 8,035,460 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SBET shares. Cantor Fitzgerald upped their target price on Sharplink Gaming from $8.30 to $17.00 and gave the company an “overweight” rating in a research note on Thursday, September 10th. Citizens Jmp reduced their price objective on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Canaccord Genuity Group cut their price target 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. Finally, TD Cowen reissued 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. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Sharplink Gaming Price Performance

The stock has a market capitalization of $1.73 billion, a P/E ratio of 159.60 and a beta of 10.56. The company’s 50 day simple moving average is $7.06 and its two-hundred day simple moving average is $6.72.

Sharplink Gaming (NASDAQ:SBET) last posted its earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. The firm had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. On average, research analysts anticipate that Sharplink Gaming Inc. will post 0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sharplink Gaming

Hedge funds have recently added to or reduced their stakes in the stock. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming in the first quarter worth about $65,000. Ameritas Advisory Services LLC bought a new position in Sharplink Gaming in the 2nd quarter worth approximately $66,000. Koshinski Asset Management Inc. acquired a new position in Sharplink Gaming during the 1st quarter worth $71,000. SummitTX Capital L.P. bought a new position in Sharplink Gaming in the 1st quarter valued at $73,000. Finally, CI Investments Inc. increased its stake in shares of Sharplink Gaming by 35.6% in the 1st quarter. CI Investments Inc. now owns 15,135 shares of the company’s stock valued at $98,000 after buying an additional 3,977 shares during the period. Institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a sports betting and iGaming technology company that provides performance marketing and user-acquisition solutions. Its platform helps online sportsbook and casino operators connect with customers through digital marketing, affiliate partnerships, and data-driven player acquisition programs.

The company’s activities have historically included sports betting content, affiliate marketing, and technology services designed to support online gaming operators and their customers.