Sharplink Gaming (NASDAQ:SBET) Shares Up 7.6% – Should You Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price rose 7.6% during mid-day trading on Monday . The company traded as high as $6.28 and last traded at $6.25. Approximately 1,392,242 shares traded hands during trading, a decline of 82% from the average daily volume of 7,885,701 shares. The stock had previously closed at $5.81.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Citigroup reiterated a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, July 9th. Cantor Fitzgerald cut their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Finally, HC Wainwright assumed coverage on shares of Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.23.

Sharplink Gaming Stock Up 9.0%

The business has a 50-day moving average price of $5.63 and a two-hundred day moving average price of $7.00. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -10.55 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. During the same quarter last year, the firm posted ($1.84) EPS. On average, sell-side analysts anticipate that Sharplink Gaming Inc. will post 0.11 EPS for the current fiscal year.

Insider Activity

In related news, Director Robert M. Gutkowski sold 12,892 shares of the company’s 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 sale, the director owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Obie Mckenzie sold 12,892 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 38,676 shares of company stock worth $286,589 over the last three months. 3.60% of the stock is currently owned by insiders.

Institutional Trading of Sharplink Gaming

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming in the third quarter valued at approximately $49,000. Empowered Funds LLC bought a new stake in Sharplink Gaming during the fourth quarter worth $56,000. Independent Financial Group LLC bought a new stake in Sharplink Gaming during the first quarter worth $65,000. Koshinski Asset Management Inc. purchased a new stake in Sharplink Gaming in the 1st quarter valued at $71,000. Finally, SummitTX Capital L.P. purchased a new stake in Sharplink Gaming in the 1st quarter valued at $73,000. 13.75% of the stock is owned by institutional investors.

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.