Boundless Plain Holdings Ltd Acquires Shares of 911,609 Sharplink Gaming Inc. $SBET

Key Points

• Boundless Plain Holdings disclosed a new fourth-quarter stake in SharpLink Gaming, buying 911,609 shares worth about $8.15 million. The position represents roughly 2.6% of its holdings and about 0.46% of SharpLink Gaming.
• Several other hedge funds also initiated positions in SBET, while institutional ownership stands at 13.75%. Meanwhile, company insiders have sold shares recently, including two directors who each sold 12,892 shares at $7.41 apiece.
• Analysts remain generally upbeat, with a Moderate Buy consensus and an average price target of $22.11. However, SharpLink Gaming recently reported a wider-than-expected quarterly loss and weaker-than-expected revenue, and the stock was trading around $6.23.

Boundless Plain Holdings Ltd acquired a new stake in Sharplink Gaming Inc. (NASDAQ:SBET - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 911,609 shares of the company's stock, valued at approximately $8,150,000. Sharplink Gaming comprises approximately 2.6% of Boundless Plain Holdings Ltd's holdings, making the stock its 8th largest holding. Boundless Plain Holdings Ltd owned about 0.46% of Sharplink Gaming as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of SBET. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming in the 3rd quarter worth $49,000. R Squared Ltd bought a new position in shares of Sharplink Gaming in the 4th quarter worth $90,000. Abacus Planning Group Inc. bought a new position in shares of Sharplink Gaming in the 4th quarter worth $94,000. NewEdge Advisors LLC bought a new position in shares of Sharplink Gaming in the 2nd quarter worth $101,000. Finally, IFP Advisors Inc bought a new position in shares of Sharplink Gaming in the 3rd quarter worth $102,000. 13.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBET has been the topic of several recent research reports. Canaccord Genuity Group restated a "buy" rating and issued a $16.00 price target on shares of Sharplink Gaming in a research report on Tuesday, March 17th. Alliance Global Partners restated a "buy" rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Cantor Fitzgerald upgraded Sharplink Gaming to a "strong-buy" rating in a research report on Thursday, April 9th. Citizens Jmp reduced their price target on Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating on the stock in a research report on Wednesday, March 11th. Finally, TD Cowen initiated coverage on Sharplink Gaming in a research report on Friday, April 10th. They issued a "buy" rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.11.

Insider Buying and Selling

In related news, Director Robert M. Gutkowski sold 12,892 shares of the firm's 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 sale, the director owned 24,998 shares of the company's stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leslie Bernhard sold 12,892 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,676 shares of company stock valued at $286,589. 3.60% of the stock is owned by company insiders.

Sharplink Gaming Trading Down 3.9%

Shares of Sharplink Gaming stock opened at $6.23 on Friday. The company has a market capitalization of $1.23 billion, a PE ratio of -10.38 and a beta of 10.69. Sharplink Gaming Inc. has a 12 month low of $3.58 and a 12 month high of $124.12. The stock's fifty day simple moving average is $7.07 and its 200 day simple moving average is $8.52.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). The business had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.During the same period in the previous year, the business posted ($1.84) EPS. Analysts predict that Sharplink Gaming Inc. will post 0.15 EPS for the current fiscal 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.

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