Sharplink Gaming Inc. $SBET Shares Acquired by Highbridge Capital Management LLC

Key Points

• Highbridge Capital Management dramatically increased its stake in Sharplink Gaming by 5,947.5% in the fourth quarter, ending with 512,764 shares valued at about $4.58 million.
• Several other institutional investors also added or built new positions, and hedge funds now own 13.75% of the company’s shares.
• Sharplink Gaming’s stock was down 9.3% to $5.19, while the company recently reported a quarterly loss that missed analyst estimates and came with weaker-than-expected revenue.

Highbridge Capital Management LLC lifted its holdings in shares of Sharplink Gaming Inc. (NASDAQ:SBET - Free Report) by 5,947.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 512,764 shares of the company's stock after acquiring an additional 504,285 shares during the period. Highbridge Capital Management LLC owned 0.26% of Sharplink Gaming worth $4,584,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Wolverine Asset Management LLC acquired a new position in shares of Sharplink Gaming during the fourth quarter valued at $4,398,000. CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Sharplink Gaming during the third quarter valued at $30,812,000. BIT Capital GmbH lifted its stake in shares of Sharplink Gaming by 103.5% during the third quarter. BIT Capital GmbH now owns 1,215,819 shares of the company's stock valued at $20,681,000 after acquiring an additional 618,508 shares during the period. MMCAP International Inc. SPC acquired a new position in shares of Sharplink Gaming during the third quarter valued at $8,483,000. Finally, Cresset Asset Management LLC acquired a new position in shares of Sharplink Gaming during the third quarter valued at $2,400,000. Institutional investors and hedge funds own 13.75% of the company's stock.

Insiders Place Their Bets

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of the stock in a transaction dated 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 sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction dated 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 sale, the director owned 24,998 shares of the company's stock, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 38,676 shares of company stock worth $286,589 over the last ninety days. 3.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Sharplink Gaming from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. HC Wainwright started coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a "buy" rating and a $10.00 target price on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $16.00 target price on shares of Sharplink Gaming in a research note on Tuesday, March 17th. B. Riley Financial cut their target price on Sharplink Gaming from $19.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Finally, Cantor Fitzgerald raised Sharplink Gaming to a "strong-buy" rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $22.11.

Sharplink Gaming Trading Down 9.3%

NASDAQ:SBET opened at $5.19 on Friday. Sharplink Gaming Inc. has a 1-year low of $5.06 and a 1-year high of $49.52. The business's 50-day moving average price is $6.72 and its two-hundred day moving average price is $8.12. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -8.65 and a beta of 10.39.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its 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 net margin of 3,604.61% and a negative return on equity of 38.53%. The company had revenue of $12.06 million during the quarter, compared to analyst estimates of $14.60 million. During the same period in the previous year, the company posted ($1.84) EPS. Sell-side analysts predict that Sharplink Gaming Inc. will post 0.15 earnings per share for the current year.

Sharplink Gaming 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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