Sharplink Gaming (NASDAQ:SBET) Shares Up 7.6% - Should You Buy?

Key Points

• Sharplink Gaming shares rose 7.6% to $6.25, although trading volume was 82% below the average. The stock has a $1.28 billion market capitalization and high volatility, with a beta of 10.45.
• Analyst sentiment is broadly positive: nine analysts rate the stock Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $20.23.
• Recent financial results were weak: Sharplink reported a quarterly loss of $3.25 per share versus the expected $0.62 loss and revenue of $12.06 million versus the $14.60 million consensus. Directors also sold shares, with insiders selling 38,676 shares worth $286,589 over the past 90 days.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) were up 7.6% on Monday . The stock traded as high as $6.28 and last traded at $6.25. 1,392,242 shares traded hands during trading, a decline of 82% from the average daily volume of 7,885,701 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings raised Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. TD Cowen assumed coverage on shares of Sharplink Gaming in a report on Friday, April 10th. They issued a "buy" rating and a $16.00 target price for the company. Citigroup restated a "market outperform" rating on shares of Sharplink Gaming in a research note on Thursday, July 9th. Alliance Global Partners reiterated a "buy" rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, Citizens Jmp cut their target price on shares of Sharplink Gaming to $30.00 and set a "market outperform" rating on the stock in a research report on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sharplink Gaming currently has an average rating of "Moderate Buy" and an average target price of $20.23.

Sharplink Gaming Trading Up 9.0%

The stock has a market cap of $1.28 billion, a P/E ratio of -10.55 and a beta of 10.45. The business has a 50-day simple moving average of $5.63 and a 200 day simple moving average of $7.00.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.62) by ($2.63). The company had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.During the same quarter last year, the business earned ($1.84) earnings per share. As a group, equities analysts expect that Sharplink Gaming Inc. will post 0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Sharplink Gaming news, Director Leslie Bernhard sold 12,892 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert M. Gutkowski sold 12,892 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 38,676 shares of company stock worth $286,589. 3.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. bought a new position in shares of Sharplink Gaming in the 3rd quarter worth about $46,447,000. Alyeska Investment Group L.P. bought a new stake in shares of Sharplink Gaming during the 3rd quarter valued at about $42,509,000. Voloridge Investment Management LLC boosted its position in shares of Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company's stock valued at $24,240,000 after purchasing an additional 2,101,252 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Sharplink Gaming during the 1st quarter valued at about $11,691,000. Finally, Tidal Investments LLC acquired a new stake in Sharplink Gaming during the third quarter worth approximately $30,283,000. Institutional investors and hedge funds 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. 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.

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