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

Key Points

• Sharplink Gaming's stock has seen a significant decline, opening at $13.20 after a prior close of $13.84, with a current trading price at $12.7470.
• Analysts have mixed views on SBET, with ratings ranging from "buy" with a target of $50.00 by Citizens Jmp to a "sell" rating issued by Weiss Ratings.
• Insiders have recently sold a notable amount of shares, with two directors selling 18,334 shares each, indicating a 42.31% decrease in their ownership, while institutional investors own 13.75% of the company.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $13.84, but opened at $13.20. Sharplink Gaming shares last traded at $12.7470, with a volume of 2,470,677 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on SBET. Alliance Global Partners initiated coverage on shares of Sharplink Gaming in a research report on Tuesday, August 26th. They issued a "buy" rating and a $48.00 target price on the stock. Citizens Jmp initiated coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a "mkt outperform" rating and a $50.00 price target on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Sanford C. Bernstein initiated coverage on shares of Sharplink Gaming in a research report on Friday. They set an "outperform" rating and a $24.00 price target on the stock. Finally, JMP Securities initiated coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a "market outperform" rating and a $50.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming presently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

Sharplink Gaming Stock Down 5.7%

The company's fifty day moving average is $16.34 and its two-hundred day moving average is $17.33. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -2.61 and a beta of 10.01.

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

Insiders Place Their Bets

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 18,334 shares of the firm'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 sale, the director owned 24,998 shares of the company's stock, valued at approximately $479,211.66. This trade represents a 42.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie Bernhard sold 18,334 shares of the firm'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 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 55,002 shares of company stock valued at $1,054,388. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Sharplink Gaming

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new stake in Sharplink Gaming during the third quarter worth approximately $103,000. PFG Investments LLC acquired a new stake in Sharplink Gaming during the third quarter worth approximately $171,000. NewEdge Advisors LLC acquired a new stake in Sharplink Gaming during the second quarter worth approximately $101,000. Ethos Financial Group LLC acquired a new stake in Sharplink Gaming during the third quarter worth approximately $248,000. Finally, S.A. Mason LLC purchased a new position in shares of Sharplink Gaming during the third quarter worth approximately $249,000. Institutional investors and hedge funds 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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