Sharplink Gaming (NASDAQ:SBET) Share Price Crosses Below Two Hundred Day Moving Average - What's Next?

Key Points

• SharpLink Gaming shares fell below their 200-day moving average, trading as low as $7.17 and recently at $7.18, below the $7.32 average. The stock was down 5.9% and has a highly volatile beta of 10.60.
• Analyst sentiment remains broadly positive, with nine Buy ratings and one Sell rating and a consensus price target of $17.00, though individual targets range widely from $8.00 to $30.00.
• The company reported a significant quarterly loss, posting -$1.88 in EPS versus expectations of $0.01 and revenue of $11.53 million versus the $12.26 million consensus. Director Joseph Lubin also sold approximately 5.68 million shares for $47.6 million.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $7.32 and traded as low as $7.17. Sharplink Gaming shares last traded at $7.18, with a volume of 6,521,452 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SBET. Cantor Fitzgerald upped their target price on shares of Sharplink Gaming from $8.30 to $17.00 and gave the stock an "overweight" rating in a report on Thursday, September 10th. 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. B. Riley Financial reissued a "buy" rating and issued a $14.00 price target (up from $12.00) on shares of Sharplink Gaming in a report on Tuesday, September 22nd. Canaccord Genuity Group reduced their price target on shares of Sharplink Gaming from $16.00 to $8.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. Finally, Citizens Jmp decreased 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. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Sharplink Gaming Stock Down 5.9%

The company has a 50-day moving average of $8.54 and a two-hundred day moving average of $7.32. The company has a market capitalization of $1.56 billion, a P/E ratio of 143.60 and a beta of 10.60.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted 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 return on equity of 33.40% and a negative net margin of 3,406.29%. The company had revenue of $11.53 million during the quarter, compared to analysts' expectations of $12.26 million. As a group, equities analysts expect that Sharplink Gaming Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity at Sharplink Gaming

In other Sharplink Gaming news, Director Joseph Lubin sold 5,676,952 shares of the stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $8.39, for a total value of $47,629,627.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. lifted its stake in Sharplink Gaming by 70.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 3,462 shares of the company's stock worth $32,000 after purchasing an additional 1,434 shares in the last quarter. Abel Hall LLC grew its position in shares of Sharplink Gaming by 34.8% during the third quarter. Abel Hall LLC now owns 29,000 shares of the company's stock valued at $269,000 after purchasing an additional 7,488 shares in the last quarter. Avior Wealth Management LLC purchased a new position in shares of Sharplink Gaming during the third quarter valued at about $382,000. GAMMA Investing LLC grew its position in shares of Sharplink Gaming by 355.7% during the third quarter. GAMMA Investing LLC now owns 6,116 shares of the company's stock valued at $57,000 after purchasing an additional 4,774 shares in the last quarter. Finally, Galvin Gaustad & Stein LLC bought a new stake in shares of Sharplink Gaming in the third quarter worth about $102,000. Hedge funds and other institutional investors own 13.75% of the company's stock.

About Sharplink Gaming

SharpLink Gaming Ltd. is a technology and performance-marketing company serving the online sports betting and iGaming industries. The company provides customer-acquisition solutions designed to connect sports fans and gaming audiences with licensed betting and gaming operators through digital marketing, affiliate partnerships and related technology.

SharpLink's activities have historically focused on the United States and other regulated online gaming markets, where it has supported operators with player acquisition, engagement and retention initiatives.

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