Sharplink Gaming (NASDAQ:SBET) Shares Gap Up - Should You Buy?

Key Points

• Sharplink Gaming's shares gapped up before trading on Thursday, opening at $15.97 after closing at $15.15, with a last trading price of $15.46 and a volume of 4,809,825 shares.
• Brokerages have mixed views on Sharplink Gaming, with B. Riley setting a "buy" rating and a price target of $32.00, while Weiss Ratings issued a "sell" rating, contributing to a consensus of "Moderate Buy" with an average target price of $45.00.
• Insiders have sold a total of 55,002 shares valued at over $1 million in the last three months, reducing their ownership to 3.40% of the company's stock.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $15.15, but opened at $15.97. Sharplink Gaming shares last traded at $15.46, with a volume of 4,809,825 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBET. B. Riley assumed coverage on Sharplink Gaming in a research note on Wednesday. They set a "buy" rating and a $32.00 price objective on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of Sharplink Gaming in a report on Wednesday, October 8th. Citizens Jmp began coverage on Sharplink Gaming in a report on Thursday. They set a "mkt outperform" rating and a $50.00 price objective for the company. Alliance Global Partners initiated coverage on Sharplink Gaming in a research note on Tuesday, August 26th. They issued a "buy" rating and a $48.00 price target for the company. Finally, JMP Securities initiated coverage on Sharplink Gaming in a research note on Thursday. They set a "market outperform" rating and a $50.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

Sharplink Gaming Price Performance

The company's 50-day moving average is $18.11 and its two-hundred day moving average is $16.15.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its earnings results 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 firm had revenue of $0.70 million for the quarter.

Insiders Place Their Bets

In related news, Director Robert M. Gutkowski sold 18,334 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $19.17, for a total value of $351,462.78. Following the completion of the transaction, the director directly owned 24,998 shares of the company's stock, valued at $479,211.66. This represents a 42.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Obie Mckenzie sold 18,334 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $19.17, for a total transaction of $351,462.78. Following the completion of the sale, the director owned 24,998 shares in the company, valued at approximately $479,211.66. This trade represents a 42.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,002 shares of company stock valued at $1,054,388 over the last three months. Insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new stake in shares of Sharplink Gaming in the 2nd quarter valued at about $101,000. S.A. Mason LLC acquired a new position in shares of Sharplink Gaming in the 3rd quarter valued at $249,000. Qube Research & Technologies Ltd acquired a new position in Sharplink Gaming during the second quarter worth $151,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Sharplink Gaming in the third quarter valued at about $407,000. Finally, HUB Investment Partners LLC acquired a new stake in shares of Sharplink Gaming in the second quarter valued at about $298,000. Institutional investors 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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