Sharplink Gaming (NASDAQ:SBET) Shares Gap Down - Here's Why

Key Points

• Sharplink Gaming's shares gapped down from $23.52 to $21.89 on Thursday, reflecting a 5.2% decrease before closing at $22.75 with over 12 million shares traded.
• For its recent quarter, the company reported a loss of ($1.73) per share, with a negative net margin of 94.08% and revenue of $0.74 million.
• Significant insider activity included CEO Rob Phythian purchasing 44,640 shares at $6.72 each, resulting in a 351.25% increase in ownership.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $23.52, but opened at $21.89. Sharplink Gaming shares last traded at $22.75, with a volume of 12,380,270 shares.

Sharplink Gaming Trading Down 5.2%

The firm has a fifty day simple moving average of $20.50 and a 200-day simple moving average of $12.22.

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

Insider Buying and Selling

In related news, CEO Rob Phythian purchased 44,640 shares of Sharplink Gaming stock in a transaction dated Friday, May 30th. The stock was bought at an average cost of $6.72 per share, for a total transaction of $299,980.80. Following the transaction, the chief executive officer owned 57,349 shares in the company, valued at approximately $385,385.28. The trade was a 351.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Michael Delucia purchased 7,440 shares of Sharplink Gaming stock in a transaction dated Friday, May 30th. The shares were bought at an average price of $6.72 per share, with a total value of $49,996.80. Following the completion of the transaction, the chief financial officer owned 14,107 shares in the company, valued at approximately $94,799.04. This trade represents a 111.59% increase in their position. The disclosure for this purchase can be found here. 10.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of SBET. Thames Capital Management LLC acquired a new stake in shares of Sharplink Gaming during the 2nd quarter valued at approximately $1,566,000. JPMorgan Chase & Co. acquired a new stake in shares of Sharplink Gaming during the 2nd quarter valued at approximately $3,229,000. XTX Topco Ltd lifted its position in shares of Sharplink Gaming by 509.9% during the 2nd 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 period. Marshall Wace LLP acquired a new position in shares of Sharplink Gaming during the 2nd quarter worth approximately $26,852,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $151,000. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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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