Sharplink Gaming (NASDAQ:SBET) Stock Price Down 6.7% - Here's Why

Key Points

• SharpLink Gaming shares fell 6.7% to approximately $8.54, with trading volume down 86% from the average session.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $16.50, although TD Cowen recently lowered its target to $13 from $16.
• The company reported a significant quarterly loss of $1.88 per share, missing the $0.01 consensus estimate, while revenue of $11.53 million also fell short of expectations.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) shares fell 6.7% on Tuesday . The stock traded as low as $8.54 and last traded at $8.5410. Approximately 1,094,097 shares traded hands during trading, a decline of 86% from the average session volume of 8,035,460 shares. The stock had previously closed at $9.15.

Analysts Set New Price Targets

Several analysts have issued reports on SBET shares. Citigroup reiterated a "market outperform" rating on shares of Sharplink Gaming in a research note on Thursday, August 13th. Cantor Fitzgerald lifted their price target on Sharplink Gaming from $8.30 to $17.00 and gave the company an "overweight" rating in a research report on Thursday, September 10th. Wall Street Zen upgraded shares of Sharplink Gaming from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 30th. Weiss Ratings raised shares of Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Finally, TD Cowen reissued a "buy" rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a report 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 stock. According to MarketBeat.com, Sharplink Gaming presently has an average rating of "Moderate Buy" and a consensus price target of $16.50.

Sharplink Gaming Price Performance

The company has a 50 day simple moving average of $6.96 and a 200-day simple moving average of $6.70. The firm has a market cap of $1.86 billion, a PE ratio of 170.74 and a beta of 10.56.

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

Institutional Investors Weigh In On Sharplink Gaming

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd bought a new position in shares of Sharplink Gaming during the second quarter valued at about $129,000. Ameritas Advisory Services LLC purchased a new stake in Sharplink Gaming in the second quarter worth $66,000. Compass Financial Management LLC bought a new stake in Sharplink Gaming during the 2nd quarter valued at approximately $1,110,000. Headlands Technologies LLC bought a new stake in shares of Sharplink Gaming during the second quarter valued at approximately $1,341,000. Finally, Lakewood Capital Management LP bought a new position in Sharplink Gaming in the second quarter worth $2,683,000. 13.75% of the stock is currently owned by institutional investors.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a sports betting and iGaming technology company that provides performance marketing and user-acquisition solutions. Its platform helps online sportsbook and casino operators connect with customers through digital marketing, affiliate partnerships, and data-driven player acquisition programs.

The company's activities have historically included sports betting content, affiliate marketing, and technology services designed to support online gaming operators and their customers.

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