Sharplink Gaming (NASDAQ:SBET) Trading Up 7.7% – Time to Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price traded up 7.7% during mid-day trading on Monday . The stock traded as high as $6.06 and last traded at $6.0950. 2,761,996 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 7,908,337 shares. The stock had previously closed at $5.66.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. 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. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Wall Street Zen raised shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Finally, HC Wainwright assumed coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sharplink Gaming presently has an average rating of “Moderate Buy” and an average target price of $20.23.

Sharplink Gaming Trading Up 9.8%

The business has a fifty day moving average price of $5.74 and a two-hundred day moving average price of $7.11. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -10.36 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last announced 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). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The company had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. During the same period in the previous year, the firm posted ($1.84) earnings per share. On average, analysts anticipate that Sharplink Gaming Inc. will post 0.11 EPS for the current year.

Insider Activity

In other Sharplink Gaming news, 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 value of $95,529.72. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,676 shares of company stock worth $286,589 in the last three months. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Sharplink Gaming

A number of large investors have recently bought and sold shares of SBET. Assenagon Asset Management S.A. acquired a new stake in shares of Sharplink Gaming in the second quarter worth about $181,000. DV Trading LLC bought a new position in shares of Sharplink Gaming in the 1st quarter valued at approximately $239,000. J. Derek Lewis & Associates Inc. lifted its holdings in Sharplink Gaming by 112.4% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 103,000 shares of the company’s stock worth $664,000 after purchasing an additional 54,500 shares during the last quarter. Bank of America Corp DE lifted its holdings in Sharplink Gaming by 56.6% in the 1st quarter. Bank of America Corp DE now owns 1,275,442 shares of the company’s stock worth $8,227,000 after purchasing an additional 460,991 shares during the last quarter. Finally, SummitTX Capital L.P. bought a new stake in Sharplink Gaming during the first quarter worth approximately $73,000. 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. 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.