Sharplink Gaming Inc. $SBET Holdings Lowered by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. trimmed its stake in Sharplink Gaming (NASDAQ:SBET) by 69.8% in Q3, selling 226,932 shares and ending the quarter with 98,268 shares worth about $1.67 million.
• Other institutions moved in aggressively—APEIRON (~$23.0M), CloudAlpha (~$30.8M) and BIT Capital (up 103.5% to 1,215,819 shares, ~ $20.7M)—leaving hedge funds and institutional investors with roughly 13.75% ownership.
• SBET is highly volatile (52‑week range $2.26–$124.12) trading near $6.42 with a $1.27B market cap; analysts hold a consensus "Moderate Buy" and $22.88 average target after an EPS beat but weaker revenue and very negative margins/ROE.

JPMorgan Chase & Co. trimmed its stake in shares of Sharplink Gaming Inc. (NASDAQ:SBET - Free Report) by 69.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,268 shares of the company's stock after selling 226,932 shares during the period. JPMorgan Chase & Co.'s holdings in Sharplink Gaming were worth $1,672,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. APEIRON CAPITAL Ltd purchased a new stake in Sharplink Gaming in the 3rd quarter worth about $23,038,000. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Sharplink Gaming in the 3rd quarter worth about $30,812,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Sharplink Gaming in the 3rd quarter worth about $2,190,000. BIT Capital GmbH lifted its stake in Sharplink Gaming by 103.5% in the 3rd quarter. BIT Capital GmbH now owns 1,215,819 shares of the company's stock worth $20,681,000 after acquiring an additional 618,508 shares in the last quarter. Finally, MMCAP International Inc. SPC purchased a new stake in Sharplink Gaming in the 3rd quarter worth about $8,483,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

Sharplink Gaming Price Performance

Shares of SBET stock opened at $6.42 on Thursday. Sharplink Gaming Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $124.12. The stock's 50-day moving average is $7.12 and its two-hundred day moving average is $10.33. The firm has a market cap of $1.27 billion, a P/E ratio of -2.69 and a beta of 11.31.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued its earnings results on Friday, March 6th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.11. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.The company had revenue of $13.31 million for the quarter, compared to analyst estimates of $17.19 million.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SBET. Wall Street Zen raised Sharplink Gaming from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Citizens Jmp reduced their price objective on Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating for the company in a research note on Wednesday, March 11th. B. Riley Financial reduced their price objective on Sharplink Gaming from $19.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, February 23rd. iA Financial set a $20.00 price objective on Sharplink Gaming in a research note on Wednesday, January 7th. Finally, HC Wainwright began coverage on Sharplink Gaming in a research note on Tuesday. They issued a "buy" rating and a $10.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.88.

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.

Want to see what other hedge funds are holding SBET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sharplink Gaming Inc. (NASDAQ:SBET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.