Sharplink Gaming (NASDAQ:SBET) Sets New 52-Week Low – Here’s Why

Sharplink Gaming Inc. (NASDAQ:SBET) shares reached a new 52-week low on Friday . The stock traded as low as $5.14 and last traded at $5.1350, with a volume of 4627404 shares traded. The stock had previously closed at $5.72.

Analyst Upgrades and Downgrades

Several brokerages have commented on SBET. TD Cowen began coverage on Sharplink Gaming in a research report on Friday, April 10th. They issued a “buy” rating and a $16.00 price target on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 27th. Finally, B. Riley Financial lowered their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming has a consensus rating of “Moderate Buy” and a consensus target price of $22.11.

Sharplink Gaming Price Performance

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -8.47 and a beta of 10.39. The firm has a 50 day moving average price of $6.76 and a 200-day moving average price of $8.14.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The firm had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. During the same period last year, the company earned ($1.84) EPS. On average, sell-side analysts expect that Sharplink Gaming Inc. will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the transaction, the director owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares in the company, valued at $185,235.18. The trade was a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 38,676 shares of company stock valued at $286,589. 3.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SBET. Vanguard Group Inc. bought a new position in shares of Sharplink Gaming during the third quarter worth about $46,447,000. Alyeska Investment Group L.P. bought a new position in shares of Sharplink Gaming during the third quarter worth about $42,509,000. Voloridge Investment Management LLC grew its holdings in shares of Sharplink Gaming by 344.4% during the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after buying an additional 2,101,252 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Sharplink Gaming during the first quarter worth about $11,691,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Sharplink Gaming during the third quarter worth about $30,812,000. 13.75% of the stock is currently owned by institutional investors.

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.