Traders Purchase Large Volume of Call Options on Sharplink Gaming (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) was the target of some unusual options trading activity on Monday. Stock traders acquired 43,268 call options on the stock. This represents an increase of approximately 72% compared to the average volume of 25,161 call options.

Wall Street Analysts Forecast Growth

SBET has been the subject of several research analyst reports. Cantor Fitzgerald lowered their price objective on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Citizens Jmp reduced their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. HC Wainwright started coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. Alliance Global Partners restated a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, TD Cowen started 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. 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 stock. According to data from MarketBeat.com, Sharplink Gaming has an average rating of “Moderate Buy” and an average price target of $20.23.

Insider Buying and Selling at Sharplink Gaming

In other news, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. The trade was a 34.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leslie Bernhard sold 12,892 shares of Sharplink Gaming stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. The trade was a 34.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 38,676 shares of company stock valued at $286,589. 3.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sharplink Gaming

Large investors have recently modified their holdings of the stock. Ausdal Financial Partners Inc. increased its holdings in shares of Sharplink Gaming by 16.1% in the 4th quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock worth $104,000 after purchasing an additional 1,606 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Sharplink Gaming by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after purchasing an additional 1,838 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming during the third quarter valued at $49,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sharplink Gaming by 23.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock valued at $139,000 after buying an additional 2,946 shares during the last quarter. Finally, Arete Wealth Advisors LLC boosted its position in shares of Sharplink Gaming by 6.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock valued at $494,000 after buying an additional 3,585 shares during the last quarter. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Stock Performance

Shares of Sharplink Gaming stock traded up $0.55 during midday trading on Monday, hitting $6.21. The company had a trading volume of 6,032,841 shares, compared to its average volume of 7,926,311. The stock has a market capitalization of $1.26 billion, a P/E ratio of -10.37 and a beta of 10.45. The company has a 50 day moving average of $5.74 and a 200 day moving average of $7.11. Sharplink Gaming has a 52-week low of $4.46 and a 52-week high of $34.29.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (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 quarter in the previous year, the firm posted ($1.84) EPS. Equities research analysts forecast that Sharplink Gaming will post 0.11 EPS for the current year.

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.