Insider Selling: Sharplink Gaming (NASDAQ:SBET) Director Sells 5,676,952 Shares of Stock

Key Points

• Director Joseph Michael Lubin sold 5,676,952 Sharplink Gaming shares at an average price of $8.39, generating approximately $47.6 million in proceeds.
• SBET shares recently traded at $8.41, with a market capitalization of about $1.83 billion; the stock has ranged from $4.46 to $16.20 over the past 52 weeks.
• Sharplink reported a quarterly loss of $1.88 per share, missing estimates by $1.89, while analysts maintain a “Moderate Buy” consensus and an average price target of $17.00.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) Director Joseph Michael Lubin sold 5,676,952 shares of the stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $8.39, for a total transaction of $47,629,627.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Sharplink Gaming Price Performance

Shares of NASDAQ:SBET traded down $0.08 during trading on Tuesday, hitting $8.41. 4,093,366 shares of the company were exchanged, compared to its average volume of 8,075,159. Sharplink Gaming Inc. has a 52-week low of $4.46 and a 52-week high of $16.20. The stock has a 50 day moving average of $8.27 and a 200 day moving average of $6.94. The company has a market cap of $1.83 billion, a PE ratio of 168.20 and a beta of 10.60.

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

Hedge Funds Weigh In On Sharplink Gaming

A number of institutional investors have recently added to or reduced their stakes in SBET. GAMMA Investing LLC grew its stake in Sharplink Gaming by 355.7% in the 3rd quarter. GAMMA Investing LLC now owns 6,116 shares of the company's stock worth $57,000 after buying an additional 4,774 shares in the last quarter. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming in the 1st quarter worth $65,000. Koshinski Asset Management Inc. purchased a new stake in shares of Sharplink Gaming during the 1st quarter valued at $71,000. Galvin Gaustad & Stein LLC purchased a new stake in shares of Sharplink Gaming during the 3rd quarter valued at $102,000. Finally, SummitTX Capital L.P. purchased a new stake in shares of Sharplink Gaming during the 1st quarter valued at $73,000. 13.75% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SBET shares. Citizens Jmp lowered their price target on shares of Sharplink Gaming to $30.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sharplink Gaming in a research note on Friday, October 2nd. B. Riley Financial reaffirmed a "buy" rating and set a $14.00 target price (up from $12.00) on shares of Sharplink Gaming in a report on Tuesday, September 22nd. Citigroup reaffirmed a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Finally, TD Cowen reiterated a "buy" rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $17.00.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. NASDAQ: SBET is a technology and digital marketing company serving the online sports betting and iGaming industries. Its platform is designed to help sportsbook and casino operators acquire, engage and retain customers through performance marketing, affiliate partnerships, data-driven campaigns and conversion tools.

The company has historically focused on connecting sports audiences with licensed online betting and gaming operators, supporting customer referral programs and related marketing initiatives.

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