Sharplink Gaming (NASDAQ:SBET) Shares Gap Down - Should You Sell?

Key Points

• Sharplink Gaming's stock price gapped down from $17.70 to $17.14 before closing at $16.88, with 3,034,305 shares traded.
• Analysts from Alliance Global Partners have initiated coverage on Sharplink Gaming with a “buy” rating and a price target of $48.00.
• Insider trading activity reveals directors sold 18,334 shares each at an average price of $19.17, indicating a notable 42.31% decrease in their positions.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $17.70, but opened at $17.14. Sharplink Gaming shares last traded at $16.88, with a volume of 3,034,305 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners started coverage on shares of Sharplink Gaming in a report on Tuesday, August 26th. They issued a "buy" rating and a $48.00 price target on the stock. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $48.00.

Sharplink Gaming Price Performance

The business's 50 day moving average is $20.75 and its 200 day moving average is $14.26.

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

Insider Buying and Selling at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 18,334 shares of Sharplink Gaming 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 sale, the director directly owned 24,998 shares in the company, valued at approximately $479,211.66. The trade was a 42.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Leslie Bernhard sold 18,334 shares of Sharplink Gaming 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 sale, the director owned 24,998 shares of the company's stock, valued at approximately $479,211.66. The trade was a 42.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,002 shares of company stock worth $1,054,388. Company insiders own 3.40% of the company's stock.

Institutional Trading of Sharplink Gaming

Several institutional investors and hedge funds have recently bought and sold shares of SBET. Thames Capital Management LLC acquired a new stake in Sharplink Gaming during the 2nd quarter valued at approximately $1,566,000. JPMorgan Chase & Co. purchased a new position in shares of Sharplink Gaming during the 2nd quarter valued at approximately $3,229,000. XTX Topco Ltd increased its holdings 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 purchasing an additional 92,189 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Sharplink Gaming during the 2nd quarter valued at approximately $26,852,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Sharplink Gaming during 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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