Sharplink Gaming (NASDAQ:SBET) Sees Large Volume Increase - What's Next?

Key Points

• Sharplink Gaming saw a significant increase in trading volume, with 19,688,035 shares traded, marking a 52% rise from the previous session. The stock price was last reported at $23.40.
• The company reported a negative EPS of ($1.73) for the last quarter, indicating ongoing financial difficulties with a negative return on equity of 162.25%.
• Insider trades were notable, with CFO Robert Michael Delucia and CEO Rob Phythian making significant purchases, suggesting increased confidence in the company’s future.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) shares saw an uptick in trading volume on Wednesday . 19,688,035 shares traded hands during trading, an increase of 52% from the previous session's volume of 12,959,105 shares.The stock last traded at $23.40 and had previously closed at $22.47.

Sharplink Gaming Trading Up 0.1%

The company's 50-day simple moving average is $21.22 and its 200 day simple moving average is $12.14.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($1.73) EPS for the quarter. The business had revenue of $0.74 million for the quarter. Sharplink Gaming had a negative return on equity of 162.25% and a negative net margin of 94.08%.

Insider Activity

In related news, CFO Robert Michael Delucia bought 7,440 shares of Sharplink Gaming stock in a transaction that occurred on Friday, May 30th. The stock was acquired at an average price of $6.72 per share, for a total transaction of $49,996.80. Following the completion of the purchase, the chief financial officer owned 14,107 shares in the company, valued at approximately $94,799.04. This represents a 111.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rob Phythian bought 44,640 shares of Sharplink Gaming stock in a transaction that occurred on Friday, May 30th. The stock was bought at an average price of $6.72 per share, with a total value of $299,980.80. Following the purchase, the chief executive officer owned 57,349 shares of the company's stock, valued at $385,385.28. This trade represents a 351.25% increase in their position. The disclosure for this purchase can be found here. Company insiders own 10.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thames Capital Management LLC bought a new position in shares of Sharplink Gaming in the second quarter valued at approximately $1,566,000. JPMorgan Chase & Co. bought a new position in shares of Sharplink Gaming in the second quarter valued at approximately $3,229,000. Finally, XTX Topco Ltd raised its stake in shares of Sharplink Gaming by 509.9% in the second quarter. XTX Topco Ltd now owns 110,270 shares of the company's stock valued at $1,095,000 after acquiring an additional 92,189 shares during the last quarter. 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.

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