Sharplink Gaming (NASDAQ:SBET) Stock Price Up 4.7% – Here’s Why

Sharplink Gaming Inc. (NASDAQ:SBET) shares traded up 4.7% during mid-day trading on Tuesday . The company traded as high as $10.75 and last traded at $10.7690. 3,999,206 shares changed hands during trading, a decline of 74% from the average session volume of 15,463,861 shares. The stock had previously closed at $10.29.

Wall Street Analysts Forecast Growth

SBET has been the topic of a number of recent research reports. Alliance Global Partners assumed coverage on shares of Sharplink Gaming in a research report on Tuesday, August 26th. They set a “buy” rating and a $48.00 target price on the stock. JMP Securities initiated coverage on shares of Sharplink Gaming in a report on Thursday, October 16th. They issued a “market outperform” rating and a $50.00 price objective on the stock. Citizens Jmp began coverage on Sharplink Gaming in a research note on Thursday, October 16th. They set a “mkt outperform” rating and a $50.00 target price for the company. Sanford C. Bernstein started coverage on Sharplink Gaming in a research note on Friday, October 31st. They issued an “outperform” rating and a $24.00 price target on the stock. Finally, B. Riley reduced their price target on Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming presently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sharplink Gaming Stock Performance

The firm has a market cap of $2.05 billion, a P/E ratio of -2.14 and a beta of 9.98. The firm has a fifty day moving average of $15.04 and a 200-day moving average of $18.00.

Institutional Investors Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of SBET. Vanguard Group Inc. bought a new position in Sharplink Gaming in the 3rd quarter valued at about $46,447,000. Marshall Wace LLP acquired a new stake in shares of Sharplink Gaming in the 2nd quarter worth approximately $26,852,000. Alyeska Investment Group L.P. bought a new position in shares of Sharplink Gaming in the third quarter valued at approximately $42,509,000. Anatole Investment Management Ltd increased its stake in shares of Sharplink Gaming by 207.9% during the third quarter. Anatole Investment Management Ltd now owns 1,963,497 shares of the company’s stock valued at $33,399,000 after acquiring an additional 1,325,797 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in Sharplink Gaming during the third quarter worth approximately $30,812,000. 13.75% of the stock is currently 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.