Sharplink Gaming (NASDAQ:SBET) Trading Down 6.7% – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price fell 6.7% on Tuesday . The stock traded as low as $8.54 and last traded at $8.5410. 1,094,097 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 8,035,460 shares. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

SBET has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Citigroup reissued a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Cantor Fitzgerald upped their price objective on Sharplink Gaming from $8.30 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, September 10th. Citizens Jmp reduced their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a report on Thursday, July 9th. Finally, TD Cowen reaffirmed a “buy” rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Sharplink Gaming Price Performance

The firm has a market capitalization of $1.86 billion, a PE ratio of 170.74 and a beta of 10.56. The firm has a 50-day simple moving average of $6.96 and a 200-day simple moving average of $6.70.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate of $0.01 by ($1.89). The business had revenue of $11.53 million for the quarter, compared to analysts’ expectations of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. Equities analysts expect that Sharplink Gaming Inc. will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors have recently added to or reduced their stakes in SBET. WINTON GROUP Ltd purchased a new stake in shares of Sharplink Gaming during the 2nd quarter worth approximately $129,000. Ameritas Advisory Services LLC purchased a new position in Sharplink Gaming during the 2nd quarter valued at $66,000. Compass Financial Management LLC bought a new position in Sharplink Gaming in the 2nd quarter valued at $1,110,000. Headlands Technologies LLC purchased a new stake in Sharplink Gaming in the second quarter worth $1,341,000. Finally, Lakewood Capital Management LP purchased a new stake in shares of Sharplink Gaming during the second quarter valued at $2,683,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a sports betting and iGaming technology company that provides performance marketing and user-acquisition solutions. Its platform helps online sportsbook and casino operators connect with customers through digital marketing, affiliate partnerships, and data-driven player acquisition programs.

The company’s activities have historically included sports betting content, affiliate marketing, and technology services designed to support online gaming operators and their customers.