Wall Street Zen Upgrades Sharplink Gaming (NASDAQ:SBET) to “Hold”

Sharplink Gaming (NASDAQ:SBET) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other analysts have also recently commented on the company. HC Wainwright initiated coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target for the company. Citizens Jmp cut their price objective on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday. Cantor Fitzgerald decreased their target price on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Canaccord Genuity Group restated a “buy” rating and issued a $16.00 target price on shares of Sharplink Gaming in a report on Tuesday, March 17th. Finally, Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.23.

Sharplink Gaming Trading Up 3.6%

Shares of Sharplink Gaming stock traded up $0.19 during trading hours on Friday, reaching $5.51. 8,194,304 shares of the company’s stock were exchanged, compared to its average volume of 10,559,318. Sharplink Gaming has a 52-week low of $4.46 and a 52-week high of $40.46. The company has a fifty day moving average of $5.91 and a 200-day moving average of $7.24. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -9.18 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last released its earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate 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 business had revenue of $12.06 million during the quarter, compared to analyst estimates of $14.60 million. During the same quarter in the previous year, the company posted ($1.84) earnings per share. On average, equities research analysts anticipate that Sharplink Gaming will post 0.11 earnings per share for the current fiscal year.

Insider Activity at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of Sharplink Gaming stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Obie Mckenzie 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 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 position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 38,676 shares of company stock worth $286,589. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Sharplink Gaming

Large investors have recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC purchased a new stake in shares of Sharplink Gaming during the fourth quarter worth about $4,398,000. Highbridge Capital Management LLC lifted its stake in shares of Sharplink Gaming by 5,947.5% in the fourth quarter. Highbridge Capital Management LLC now owns 512,764 shares of the company’s stock worth $4,584,000 after acquiring an additional 504,285 shares in the last quarter. Clear Street Group Inc. purchased a new position in Sharplink Gaming in the fourth quarter valued at about $5,253,000. Boundless Plain Holdings Ltd acquired a new stake in Sharplink Gaming during the 4th quarter valued at approximately $8,150,000. Finally, SG Americas Securities LLC grew its stake in Sharplink Gaming by 332.9% during the 1st quarter. SG Americas Securities LLC now owns 758,022 shares of the company’s stock valued at $4,889,000 after purchasing an additional 582,919 shares in the last quarter. 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. 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.