Sharplink Gaming (NASDAQ:SBET) Trading 8.1% Higher – Time to Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s stock price rose 8.1% during mid-day trading on Thursday . The company traded as high as $8.69 and last traded at $8.7550. Approximately 2,403,262 shares were traded during trading, a decline of 70% from the average session volume of 8,005,889 shares. The stock had previously closed at $8.10.

Wall Street Analyst Weigh In

SBET has been the topic of several research reports. Citigroup restated a “market outperform” rating on shares of Sharplink Gaming in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Sharplink Gaming from a “strong sell” rating to a “sell” rating in a report on Sunday. 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. TD Cowen restated a “buy” rating and set a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Finally, Cantor Fitzgerald decreased their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.39.

Sharplink Gaming Stock Performance

The company has a market capitalization of $1.92 billion, a P/E ratio of 177.22 and a beta of 10.56. The stock’s fifty day moving average price is $6.36 and its 200-day moving average price is $6.59.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($1.89). The company had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. On average, research analysts predict that Sharplink Gaming Inc. will post 0.09 EPS for the current fiscal year.

Institutional Trading of Sharplink Gaming

A number of institutional investors have recently modified their holdings of SBET. Alyeska Investment Group L.P. lifted its position in Sharplink Gaming by 70.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock worth $38,162,000 after purchasing an additional 1,769,589 shares during the period. Weiss Asset Management LP increased its holdings in Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock valued at $19,624,000 after buying an additional 488,247 shares during the period. Invesco Ltd. raised its position in shares of Sharplink Gaming by 165.9% in the 4th quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after buying an additional 1,706,011 shares in the last quarter. Vanguard Group Inc. acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at approximately $46,447,000. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after acquiring an additional 2,101,252 shares during the period. 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.