Sharplink Gaming (NASDAQ:SBET) Director Obie Mckenzie Sells 12,892 Shares of Stock

Sharplink Gaming Inc. (NASDAQ:SBET) Director Obie Mckenzie sold 12,892 shares of the stock in a transaction 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 owned 24,998 shares of the company’s stock, valued at $185,235.18. The trade was a 34.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Sharplink Gaming Trading Down 9.2%

Shares of NASDAQ SBET opened at $6.72 on Friday. The firm has a market capitalization of $1.33 billion, a PE ratio of -11.20 and a beta of 10.69. The business has a 50-day moving average price of $7.19 and a two-hundred day moving average price of $8.78. Sharplink Gaming Inc. has a one year low of $2.58 and a one year high of $124.12.

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. Research analysts anticipate that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. SummitTX Capital L.P. acquired a new position in Sharplink Gaming during the 1st quarter worth $73,000. Weiss Asset Management LP grew its holdings in shares of Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock valued at $19,624,000 after buying an additional 488,247 shares during the period. Galaxy Digital Inc. bought a new stake in shares of Sharplink Gaming in the first quarter worth about $192,000. Renaissance Technologies LLC bought a new stake in Sharplink Gaming during the 1st quarter worth approximately $11,691,000. Finally, CI Investments Inc. increased its position in shares of Sharplink Gaming by 35.6% during the first quarter. CI Investments Inc. now owns 15,135 shares of the company’s stock worth $98,000 after acquiring an additional 3,977 shares in the last quarter. 13.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SBET. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research report on Monday. Cantor Fitzgerald upgraded shares of Sharplink Gaming to a “strong-buy” rating in a research note on Thursday, April 9th. HC Wainwright began coverage on Sharplink Gaming in a research report on Tuesday, April 7th. They set a “buy” rating and a $10.00 target price on the stock. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Finally, TD Cowen began coverage on Sharplink Gaming in a research report on Friday, April 10th. They issued a “buy” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.11.

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.