Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $7.26, but opened at $7.74. Sharplink Gaming shares last traded at $7.80, with a volume of 2,306,706 shares changing hands.

Wall Street Analysts Forecast Growth

SBET has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Sharplink Gaming from a “hold” rating to a “sell” rating in a report on Saturday. B. Riley Financial cut their target price on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Cantor Fitzgerald initiated coverage on shares of Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 target price for the company. Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. Finally, iA Financial set a $20.00 price objective on Sharplink Gaming in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.14.

Sharplink Gaming Price Performance

The company has a market capitalization of $1.57 billion, a PE ratio of -3.33 and a beta of 11.40. The company has a 50-day moving average of $8.54 and a two-hundred day moving average of $12.21.

Hedge Funds Weigh In On Sharplink Gaming

Several large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sharplink Gaming in the third quarter worth $49,000. Empowered Funds LLC bought a new position in Sharplink Gaming in the 4th quarter worth $56,000. R Squared Ltd purchased a new stake in Sharplink Gaming in the 4th quarter worth $90,000. Abacus Planning Group Inc. bought a new stake in Sharplink Gaming during the fourth quarter valued at about $94,000. Finally, CI Investments Inc. purchased a new position in shares of Sharplink Gaming in the fourth quarter valued at about $100,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

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. 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.