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

Key Points

• Sharplink Gaming's shares gapped down from a previous close of $16.13 to an open of $15.20, and are currently trading at $15.37 with significant volume.
• The company received a sell rating from Weiss Ratings while Alliance Global Partners initiated coverage with a buy rating and a target price of $48.00.
• Insider trading revealed that directors sold a total of 55,002 shares valued at over $1 million, reflecting a significant decrease in their ownership positions.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $16.13, but opened at $15.20. Sharplink Gaming shares last traded at $15.37, with a volume of 3,018,450 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SBET shares. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Alliance Global Partners initiated coverage on Sharplink Gaming in a research report on Tuesday, August 26th. They set a "buy" rating and a $48.00 target price on the stock. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $48.00.

Sharplink Gaming Stock Down 1.9%

The business's 50 day simple moving average is $18.34 and its 200-day simple moving average is $16.16.

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

Insider Buying and Selling at Sharplink Gaming

In related news, Director Leslie Bernhard sold 18,334 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $19.17, for a total transaction of $351,462.78. Following the completion of the transaction, the director directly owned 24,998 shares in the company, valued at $479,211.66. This represents a 42.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert M. Gutkowski sold 18,334 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $19.17, for a total transaction of $351,462.78. Following the transaction, the director owned 24,998 shares of the company's stock, valued at approximately $479,211.66. This represents a 42.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,002 shares of company stock valued at $1,054,388 in the last quarter. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC bought a new stake in shares of Sharplink Gaming in the 2nd quarter valued at $101,000. S.A. Mason LLC bought a new stake in shares of Sharplink Gaming in the 3rd quarter valued at $249,000. Qube Research & Technologies Ltd bought a new stake in shares of Sharplink Gaming in the 2nd quarter valued at $151,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in Sharplink Gaming during the third quarter worth $407,000. Finally, HUB Investment Partners LLC bought a new position in Sharplink Gaming during the second quarter worth $298,000. 13.75% of the stock is owned by institutional investors.

Sharplink Gaming Company Profile

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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