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

Key Points

• Shares gapped up before the open to $7.11 from a $6.70 close and last traded near $7.38 on volume of about 2.47 million shares.
• Analysts maintain a “Moderate Buy” consensus with a consensus price target of $22.11; ratings breakdown is 1 Strong Buy, 7 Buys, 1 Hold and 1 Sell, with price targets reported between $16 and $40 (previously as high as $50).
• The company reported Q results showing an EPS beat ($0.06 vs. estimate -$0.05) but a revenue miss ($13.31M vs. $17.19M) and very weak profitability metrics (negative ROE ~50.72% and net margin -2,618.38%); market cap is ~$1.43B and beta is 11.31.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $6.70, but opened at $7.11. Sharplink Gaming shares last traded at $7.3770, with a volume of 2,467,069 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on SBET shares. Cantor Fitzgerald raised shares of Sharplink Gaming to a "strong-buy" rating in a research note on Thursday, April 9th. Citizens Jmp decreased their price target on shares of Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating on the stock in a research note on Wednesday, March 11th. iA Financial set a $20.00 price target on shares of Sharplink Gaming in a research note on Wednesday, January 7th. TD Cowen started coverage on shares of Sharplink Gaming in a research note on Friday. They set a "buy" rating and a $16.00 price target on the stock. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.11.

Sharplink Gaming Price Performance

The stock has a market capitalization of $1.43 billion, a P/E ratio of -3.03 and a beta of 11.31. The business's 50 day simple moving average is $6.99 and its 200-day simple moving average is $10.07.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its quarterly earnings results on Friday, March 6th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.11. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.The business had revenue of $13.31 million for the quarter, compared to analyst estimates of $17.19 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. APEIRON CAPITAL Ltd bought a new position in shares of Sharplink Gaming in the 3rd quarter worth $23,038,000. CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Sharplink Gaming in the 3rd quarter worth $30,812,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Sharplink Gaming during the third quarter worth $2,190,000. BIT Capital GmbH grew its holdings in shares of Sharplink Gaming by 103.5% in the 3rd quarter. BIT Capital GmbH now owns 1,215,819 shares of the company's stock valued at $20,681,000 after buying an additional 618,508 shares during the period. Finally, MMCAP International Inc. SPC acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at $8,483,000. 13.75% of the stock is currently 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. It operates a performance marketing platform, which owns and operates state-specific web domains to attract, acquire, and drive local sports betting and casino traffic directly to the company's sportsbook and casino partners, which are licensed to operate in each respective state; and offers sports betting data to sports media publishers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.