Sharplink Gaming (NASDAQ:SBET) Stock Price Down 7% - Time to Sell?

Key Points

• Sharplink Gaming shares fell 7% to about $8.84 in mid-day trading, with volume down 72% from the average session.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with nine Buy ratings, one Hold, one Sell, and an average price target of $17.00; individual targets range from $8 to $14 among recently updated firms.
• The company reported a significant quarterly loss of $1.88 per share, missing estimates by $1.89, while revenue of $11.53 million also fell short of expectations; profitability remained weak with a negative net margin of 3,406.29%.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s stock price fell 7% during mid-day trading on Wednesday. The company traded as low as $8.85 and last traded at $8.8350. Approximately 2,273,059 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 8,071,824 shares. The stock had previously closed at $9.50.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SBET shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Sharplink Gaming in a research note on Friday. Citigroup reiterated a "market outperform" rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Canaccord Genuity Group lowered their price objective 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. B. Riley Financial reiterated a "buy" rating and set a $14.00 target price (up from $12.00) on shares of Sharplink Gaming in a research report on Tuesday, September 22nd. Finally, TD Cowen reissued a "buy" rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Sharplink Gaming Price Performance

The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 178.10 and a beta of 10.60. The stock has a 50-day moving average of $8.07 and a 200 day moving average of $6.90.

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

Institutional Trading of Sharplink Gaming

Several institutional investors and hedge funds have recently made changes to their positions in the business. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming in the 1st quarter worth $65,000. Koshinski Asset Management Inc. bought a new stake in Sharplink Gaming in the first quarter valued at about $71,000. SummitTX Capital L.P. acquired a new position in Sharplink Gaming in the first quarter valued at about $73,000. Ameritas Advisory Services LLC acquired a new position in Sharplink Gaming in the second quarter valued at about $66,000. Finally, CI Investments Inc. boosted its holdings in Sharplink Gaming by 35.6% during the first quarter. CI Investments Inc. now owns 15,135 shares of the company's stock worth $98,000 after buying an additional 3,977 shares during the last quarter. Institutional investors own 13.75% of the company's stock.

About Sharplink Gaming

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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