Sharplink Gaming Inc. $SBET is ParaFi Capital LP's 4th Largest Position

Key Points

• ParaFi Capital LP trimmed its Sharplink Gaming stake by 5.4% in the fourth quarter, but still held 3.9 million shares valued at about $34.9 million. Sharplink remains ParaFi’s fourth-largest position, making up 9.7% of the fund’s holdings.
• Analysts remain generally positive on SBET, with a consensus rating of “Moderate Buy” and an average price target of $22.11. Recent calls were mixed, including price target cuts from B. Riley and Citizens JMP, alongside buy ratings from Canaccord and others.
• Sharplink has seen recent insider selling, including two directors who each sold 12,892 shares at $7.41. The company also reported a weak quarter, missing EPS and revenue estimates, while shares traded near $5.51, close to their 12-month low.

ParaFi Capital LP lessened its stake in Sharplink Gaming Inc. (NASDAQ:SBET - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,902,430 shares of the company's stock after selling 223,000 shares during the quarter. Sharplink Gaming accounts for approximately 9.7% of ParaFi Capital LP's holdings, making the stock its 4th biggest position. ParaFi Capital LP owned approximately 1.98% of Sharplink Gaming worth $34,888,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new position in Sharplink Gaming in the 3rd quarter worth about $49,000. Empowered Funds LLC purchased a new position in Sharplink Gaming in the 4th quarter worth about $56,000. R Squared Ltd purchased a new position in Sharplink Gaming in the 4th quarter worth about $90,000. Abacus Planning Group Inc. purchased a new position in Sharplink Gaming in the 4th quarter worth about $94,000. Finally, CI Investments Inc. purchased a new position in Sharplink Gaming in the 4th quarter worth about $100,000. Hedge funds and other institutional investors own 13.75% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SBET. Canaccord Genuity Group reissued a "buy" rating and issued a $16.00 target price on shares of Sharplink Gaming in a research report on Tuesday, March 17th. Wall Street Zen raised Sharplink Gaming from a "sell" rating to a "hold" rating in a research report on Saturday, March 14th. B. Riley Financial decreased their target price on Sharplink Gaming from $19.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, February 23rd. Citizens Jmp decreased their target price on Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating for the company in a research report on Wednesday, March 11th. Finally, Weiss Ratings raised Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Sharplink Gaming has an average rating of "Moderate Buy" and a consensus price target of $22.11.

Insiders Place Their Bets

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Leslie Bernhard sold 12,892 shares of the company's stock in a transaction that occurred 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. This trade represents a 34.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 38,676 shares of company stock worth $286,589 in the last three months. 3.60% of the stock is owned by company insiders.

Sharplink Gaming Stock Performance

Shares of NASDAQ:SBET opened at $5.51 on Monday. The stock has a 50 day moving average of $6.63 and a 200 day moving average of $7.95. The company has a market cap of $1.09 billion, a PE ratio of -9.18 and a beta of 10.39. Sharplink Gaming Inc. has a 12-month low of $5.06 and a 12-month high of $40.46.

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

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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