Sharplink Gaming (NASDAQ:SBET) Hits New 1-Year Low – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $5.03 and last traded at $5.0970, with a volume of 802831 shares changing hands. The stock had previously closed at $5.31.

Analysts Set New Price Targets

SBET has been the subject of a number of recent research reports. Canaccord Genuity Group reiterated a “buy” rating and set a $16.00 price objective on shares of Sharplink Gaming in a research report on Tuesday, March 17th. B. Riley Financial cut their target price on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Citizens Jmp reduced their target price on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. Weiss Ratings lowered Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. Finally, HC Wainwright assumed coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.11.

Sharplink Gaming Stock Down 5.2%

The firm has a market cap of $992.95 million, a price-to-earnings ratio of -8.38 and a beta of 10.40. The company has a 50-day moving average price of $6.52 and a 200 day moving average price of $7.75.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $14.60 million. During the same period in the previous year, the firm posted ($1.84) earnings per share. Equities analysts forecast that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Insider Activity

In related news, Director Leslie Bernhard sold 12,892 shares of the firm’s stock in a transaction that occurred on 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 sale, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert M. Gutkowski sold 12,892 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares in the company, valued at $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 38,676 shares of company stock worth $286,589 in the last 90 days. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors have recently modified their holdings of SBET. Vanguard Group Inc. acquired a new position in shares of Sharplink Gaming in the third quarter worth $46,447,000. Alyeska Investment Group L.P. acquired a new stake in Sharplink Gaming during the third quarter valued at $42,509,000. Voloridge Investment Management LLC grew its stake in Sharplink Gaming by 344.4% in the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after purchasing an additional 2,101,252 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Sharplink Gaming in the first quarter valued at about $11,691,000. Finally, Tidal Investments LLC purchased a new position in Sharplink Gaming in the third quarter valued at about $30,283,000. 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.