Sharplink Gaming (NASDAQ:SBET) Issues Quarterly Earnings Results

Key Points

• Sharplink Gaming reported a quarterly earnings loss of ($0.64) EPS with a revenue of $0.70 million, reflecting significant financial struggles indicated by a negative return on equity of 885.79%.
• The company's stock experienced a 15.5% decline, trading at $19.85, amidst a high trading volume significantly above its average.
• Insider transactions included CFO Robert Michael Delucia and CEO Rob Phythian both increasing their stakes significantly, with the CFO acquiring 7,440 shares and the CEO acquiring 44,640 shares.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) released its quarterly earnings results on Thursday, August 14th. The company reported ($0.64) EPS for the quarter, Zacks reports. The business had revenue of $0.70 million for the quarter. Sharplink Gaming had a negative net margin of 3,377.39% and a negative return on equity of 15.93%.

Sharplink Gaming Trading Down 7.3%

Shares of NASDAQ:SBET traded down $1.43 during midday trading on Thursday, hitting $18.04. The company had a trading volume of 25,045,370 shares, compared to its average volume of 50,325,224. Sharplink Gaming has a 12-month low of $2.26 and a 12-month high of $124.12. The company has a fifty day moving average of $18.84 and a two-hundred day moving average of $12.74.

Insiders Place Their Bets

In other Sharplink Gaming news, Director Leslie Bernhard sold 18,334 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $19.17, for a total value of $351,462.78. Following the completion of the sale, the director owned 24,998 shares in the company, valued at approximately $479,211.66. This represents a 42.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert Michael Delucia purchased 7,440 shares of the business's stock in a transaction on Friday, May 30th. The stock was acquired at an average price of $6.72 per share, with a total value of $49,996.80. Following the purchase, the chief financial officer directly owned 14,107 shares in the company, valued at $94,799.04. This represents a 111.59% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 55,002 shares of company stock worth $1,054,388 in the last three months. 10.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SBET. Anatole Investment Management Ltd bought a new position in shares of Sharplink Gaming in the 2nd quarter valued at about $6,332,000. HUB Investment Partners LLC bought a new position in shares of Sharplink Gaming in the 2nd quarter valued at about $298,000. NewEdge Advisors LLC bought a new position in shares of Sharplink Gaming in the 2nd quarter valued at about $101,000. Qube Research & Technologies Ltd bought a new position in shares of Sharplink Gaming in the 2nd quarter valued at about $151,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Sharplink Gaming in the 2nd quarter valued at about $3,229,000. Hedge funds and other institutional investors own 13.75% of the company's stock.

About Sharplink Gaming

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.