Sharplink Gaming (NASDAQ:SBET) Shares Gap Down – Time to Sell?

Shares of Sharplink Gaming Inc. (NASDAQ:SBET) gapped down before the market opened on Thursday . The stock had previously closed at $12.02, but opened at $11.45. Sharplink Gaming shares last traded at $11.3360, with a volume of 2,669,138 shares.

Analysts Set New Price Targets

Several analysts have recently commented on SBET shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a report on Wednesday, October 8th. Alliance Global Partners assumed coverage on Sharplink Gaming in a report on Tuesday, August 26th. They issued a “buy” rating and a $48.00 price target for the company. B. Riley cut their price objective on shares of Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Zacks Research raised shares of Sharplink Gaming to a “hold” rating in a research report on Friday, October 17th. Finally, JMP Securities started coverage on shares of Sharplink Gaming in a research note on Thursday, October 16th. They set a “market outperform” rating and a $50.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Sharplink Gaming Stock Performance

The firm’s 50 day simple moving average is $12.83 and its 200 day simple moving average is $18.71. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -4.79 and a beta of 10.98.

Institutional Investors Weigh In On Sharplink Gaming

Institutional investors have recently modified their holdings of the business. Marshall Wace LLP purchased a new stake in Sharplink Gaming during the 2nd quarter worth approximately $26,852,000. XTX Topco Ltd boosted its stake in shares of Sharplink Gaming by 509.9% in the second quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock worth $1,095,000 after acquiring an additional 92,189 shares during the last quarter. Thames Capital Management LLC purchased a new stake in shares of Sharplink Gaming during the second quarter worth approximately $1,566,000. APEIRON CAPITAL Ltd acquired a new position in Sharplink Gaming in the 3rd quarter valued at $23,038,000. Finally, Global Retirement Partners LLC purchased a new position in Sharplink Gaming in the 3rd quarter valued at $103,000. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.