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

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.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) gapped down before the market opened 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 trading hands.

Analyst Ratings Changes

Separately, Alliance Global Partners began coverage on shares of Sharplink Gaming in a research 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, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $48.00.

Sharplink Gaming Stock Performance

The company has a 50 day simple moving average of $20.74 and a two-hundred day simple moving average of $14.55.

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

Insider Transactions at Sharplink Gaming

In related news, Director Obie Mckenzie sold 18,334 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $479,211.66. This represents a 42.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert M. Gutkowski sold 18,334 shares of the company's stock in a transaction 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 sale, the director directly 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. Over the last three months, insiders sold 55,002 shares of company stock worth $1,054,388. 3.40% of the stock is owned by insiders.

Institutional Trading of Sharplink Gaming

Several hedge funds have recently added to or reduced their stakes in SBET. NewEdge Advisors LLC acquired a new position in shares of Sharplink Gaming during the second quarter worth approximately $101,000. Qube Research & Technologies Ltd acquired a new position in Sharplink Gaming during the 2nd quarter valued at $151,000. HUB Investment Partners LLC bought a new stake in Sharplink Gaming in the 2nd quarter valued at $298,000. XTX Topco Ltd grew its position in Sharplink Gaming by 509.9% in the 2nd quarter. XTX Topco Ltd now owns 110,270 shares of the company's stock worth $1,095,000 after purchasing an additional 92,189 shares during the last quarter. Finally, Thames Capital Management LLC bought a new position in shares of Sharplink Gaming during the 2nd quarter worth about $1,566,000. Institutional investors own 13.75% of the company's stock.

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.