Sharplink Gaming (NASDAQ:SBET) Trading Down 7.6% – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) dropped 7.6% during mid-day trading on Friday . The stock traded as low as $7.29 and last traded at $7.33. Approximately 2,421,065 shares changed hands during trading, a decline of 67% from the average daily volume of 7,402,918 shares. The stock had previously closed at $7.93.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SBET shares. Cantor Fitzgerald started coverage on shares of Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective on the stock. B. Riley Financial reduced their price target on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. iA Financial set a $20.00 price objective on Sharplink Gaming in a research note on Wednesday, January 7th. Canaccord Genuity Group set a $16.00 target price on Sharplink Gaming and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Wall Street Zen lowered Sharplink Gaming from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $26.14.

Sharplink Gaming Stock Performance

The company’s fifty day simple moving average is $8.49 and its two-hundred day simple moving average is $12.15. The stock has a market capitalization of $1.44 billion, a P/E ratio of -3.05 and a beta of 11.40.

Institutional Trading of Sharplink Gaming

Several institutional investors have recently added to or reduced their stakes in SBET. Caitong International Asset Management Co. Ltd acquired a new position in Sharplink Gaming in the 3rd quarter valued at $49,000. Empowered Funds LLC acquired a new position in shares of Sharplink Gaming in the fourth quarter valued at about $56,000. R Squared Ltd acquired a new position in shares of Sharplink Gaming in the fourth quarter valued at about $90,000. Abacus Planning Group Inc. bought a new position in Sharplink Gaming during the fourth quarter worth about $94,000. Finally, CI Investments Inc. acquired a new stake in Sharplink Gaming in the 4th quarter worth about $100,000. 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.