Sharplink Gaming Inc. (NASDAQ:SBET) Receives Average Rating of “Moderate Buy” from Analysts

Sharplink Gaming Inc. (NASDAQ:SBET) has received a consensus rating of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.1111.

SBET has been the subject of a number of recent analyst reports. Citizens Jmp cut their price objective on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a research report on Wednesday, March 11th. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. TD Cowen began coverage on Sharplink Gaming in a research note on Friday, April 10th. They issued a “buy” rating and a $16.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Finally, Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 27th.

Sharplink Gaming Price Performance

Sharplink Gaming stock opened at $5.81 on Wednesday. The stock has a market capitalization of $1.15 billion, a PE ratio of -9.68 and a beta of 10.40. Sharplink Gaming has a 12 month low of $5.66 and a 12 month high of $82.70. The business has a 50 day simple moving average of $6.86 and a 200-day simple moving average of $8.25.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The business had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same quarter last year, the firm earned ($1.84) earnings per share. On average, equities research analysts anticipate that Sharplink Gaming will post 0.15 EPS for the current fiscal year.

Insider Transactions at Sharplink Gaming

In other news, Director Leslie Bernhard sold 12,892 shares of Sharplink Gaming stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,676 shares of company stock valued at $286,589 over the last ninety days. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Sharplink Gaming

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. J. Derek Lewis & Associates Inc. boosted its stake in Sharplink Gaming by 112.4% during the first quarter. J. Derek Lewis & Associates Inc. now owns 103,000 shares of the company’s stock worth $664,000 after buying an additional 54,500 shares during the last quarter. Bank of America Corp DE boosted its stake in Sharplink Gaming by 56.6% during the first quarter. Bank of America Corp DE now owns 1,275,442 shares of the company’s stock worth $8,227,000 after buying an additional 460,991 shares during the last quarter. SummitTX Capital L.P. acquired a new position in Sharplink Gaming during the first quarter worth $73,000. Weiss Asset Management LP boosted its stake in Sharplink Gaming by 19.1% during the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after buying an additional 488,247 shares during the last quarter. Finally, Galaxy Digital Inc. acquired a new position in Sharplink Gaming during the first quarter worth $192,000. Institutional investors and hedge funds own 13.75% of the company’s stock.

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.