Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.54, but opened at $10.99. Sharplink Gaming shares last traded at $10.8410, with a volume of 1,392,760 shares changing hands.

Analyst Upgrades and Downgrades

SBET has been the subject of several analyst reports. JMP Securities started coverage on shares of Sharplink Gaming in a report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 price target for the company. Sanford C. Bernstein assumed coverage on Sharplink Gaming in a report on Friday, October 31st. They issued an “outperform” rating and a $24.00 price objective for the company. Zacks Research upgraded shares of Sharplink Gaming to a “hold” rating in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Sharplink Gaming in a research note on Wednesday, October 8th. Finally, Citizens Jmp began coverage on shares of Sharplink Gaming in a research note on Thursday, October 16th. They set a “mkt outperform” rating and a $50.00 target price for the company. Five investment 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. Based on data from MarketBeat, Sharplink Gaming currently has an average rating of “Moderate Buy” and a consensus price target of $32.29.

Sharplink Gaming Stock Performance

The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of -4.56 and a beta of 11.12. The firm’s 50 day simple moving average is $10.25 and its 200-day simple moving average is $15.42.

Hedge Funds Weigh In On Sharplink Gaming

Large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new position in Sharplink Gaming in the 3rd quarter valued at approximately $49,000. IFP Advisors Inc acquired a new position in Sharplink Gaming in the 3rd quarter worth about $102,000. Global Retirement Partners LLC bought a new position in Sharplink Gaming during the third quarter valued at approximately $103,000. Highbridge Capital Management LLC acquired a new stake in Sharplink Gaming in the third quarter valued at approximately $144,000. Finally, PFG Investments LLC acquired a new stake in Sharplink Gaming in the third quarter valued at approximately $171,000. 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.