Bank of New York Mellon Corp Acquires Shares of 518,361 Sharplink Gaming Inc. $SBET

Key Points

• Bank of New York Mellon acquired 518,361 shares of SharpLink Gaming in the second quarter, valued at approximately $2.49 million and representing about 0.26% of the company.
• Several other institutional investors also initiated positions, including JPMorgan Chase and Anatole Investment Management; hedge funds and institutions collectively own 13.75% of SBET.
• SharpLink reported a quarterly loss of $1.88 per share, missing estimates by $1.89, while analysts maintain a “Moderate Buy” consensus with an average price target of $15.39 versus the stock’s $8.68 opening price.

Bank of New York Mellon Corp bought a new position in Sharplink Gaming Inc. (NASDAQ:SBET - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 518,361 shares of the company's stock, valued at approximately $2,488,000. Bank of New York Mellon Corp owned about 0.26% of Sharplink Gaming as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. bought a new stake in Sharplink Gaming during the 2nd quarter valued at $3,229,000. Qube Research & Technologies Ltd purchased a new position in shares of Sharplink Gaming in the second quarter valued at about $151,000. NewEdge Advisors LLC purchased a new position in shares of Sharplink Gaming in the second quarter valued at about $101,000. HUB Investment Partners LLC bought a new position in shares of Sharplink Gaming during the second quarter valued at about $298,000. Finally, Anatole Investment Management Ltd bought a new position in shares of Sharplink Gaming during the second quarter valued at about $6,332,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

Sharplink Gaming Price Performance

NASDAQ:SBET opened at $8.68 on Tuesday. Sharplink Gaming Inc. has a one year low of $4.46 and a one year high of $19.53. The company's 50-day simple moving average is $6.61 and its 200 day simple moving average is $6.63. The firm has a market capitalization of $1.89 billion, a P/E ratio of 173.60 and a beta of 10.56.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%.The business had revenue of $11.53 million during the quarter, compared to analysts' expectations of $12.26 million. On average, equities research analysts expect that Sharplink Gaming Inc. will post 0.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Cantor Fitzgerald cut their target price on Sharplink Gaming from $10.50 to $8.10 and set an "overweight" rating on the stock in a research note on Wednesday, July 1st. Canaccord Genuity Group lowered their price target on Sharplink Gaming from $16.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. Citigroup reiterated a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Weiss Ratings raised Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Finally, Citizens Jmp decreased their target price on Sharplink Gaming to $30.00 and set a "market outperform" rating for the company in a report on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Sharplink Gaming has a consensus rating of "Moderate Buy" and a consensus target price of $15.39.

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.

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