Sharplink Gaming (NASDAQ:SBET) Shares Up 7.8% – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET) traded up 7.8% on Wednesday . The company traded as high as $7.15 and last traded at $7.0630. 2,058,032 shares were traded during mid-day trading, a decline of 71% from the average session volume of 7,178,258 shares. The stock had previously closed at $6.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SBET. Canaccord Genuity Group set a $16.00 price objective on shares of Sharplink Gaming and gave the stock a “buy” rating in a research note on Thursday, January 29th. B. Riley Financial decreased their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Cantor Fitzgerald assumed coverage on shares of Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 price target for the company. Finally, Sanford C. Bernstein initiated coverage on shares of Sharplink Gaming in a research note on Friday, October 31st. They set an “outperform” rating and a $24.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.14.

Sharplink Gaming Trading Up 14.1%

The stock has a market cap of $1.47 billion, a P/E ratio of -3.13 and a beta of 11.28. The stock has a 50 day simple moving average of $8.76 and a 200 day simple moving average of $12.74.

Institutional Trading of Sharplink Gaming

A number of institutional investors have recently bought and sold shares of SBET. Caitong International Asset Management Co. Ltd acquired a new position in shares of Sharplink Gaming during the third quarter worth approximately $49,000. Empowered Funds LLC bought a new position in Sharplink Gaming in the 4th quarter worth approximately $56,000. R Squared Ltd bought a new stake in shares of Sharplink Gaming during the 4th quarter valued at $90,000. Abacus Planning Group Inc. bought a new stake in Sharplink Gaming during the fourth quarter valued at $94,000. Finally, CI Investments Inc. purchased a new position in Sharplink Gaming in the 4th quarter worth approximately $100,000. Institutional investors 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.