Sharplink Gaming (NASDAQ:SBET) Stock Price Down 7% - Here's Why

Key Points

• Sharplink Gaming shares dropped 7% during mid-day trading, falling from a previous closing price of $17.58 to as low as $15.83.
• Despite the decline, Alliance Global Partners initiated coverage with a "buy" rating and a price target of $48.00 for the stock.
• Internal trading activity saw directors sell a total of 55,002 shares over the past 90 days, indicating a decrease in their ownership by 42.31% after recent transactions.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) shares fell 7% during mid-day trading on Thursday . The stock traded as low as $15.83 and last traded at $16.35. 9,665,629 shares traded hands during trading, a decline of 40% from the average session volume of 15,995,600 shares. The stock had previously closed at $17.58.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners started coverage on Sharplink Gaming in a research note on Tuesday, August 26th. They set a "buy" rating and a $48.00 price target on the stock. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $48.00.

Sharplink Gaming Stock Down 7.9%

The company has a fifty day moving average of $19.95 and a two-hundred day moving average of $14.80.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.64) earnings per share 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 during the quarter.

Insider Activity at Sharplink Gaming

In other Sharplink Gaming news, Director Obie Mckenzie sold 18,334 shares of Sharplink Gaming 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 owned 24,998 shares of the company's stock, valued at approximately $479,211.66. The trade was a 42.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert M. Gutkowski sold 18,334 shares of the business'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 in the company, valued at $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 90 days, insiders sold 55,002 shares of company stock worth $1,054,388. Company insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Anatole Investment Management Ltd acquired a new position in shares of Sharplink Gaming during the 2nd quarter worth approximately $6,332,000. HUB Investment Partners LLC bought a new position in shares of Sharplink Gaming during the second quarter valued at $298,000. NewEdge Advisors LLC acquired a new stake in shares of Sharplink Gaming during the second quarter worth $101,000. Qube Research & Technologies Ltd acquired a new stake in Sharplink Gaming in the second quarter worth $151,000. Finally, Marshall Wace LLP acquired a new position in shares of Sharplink Gaming during the second quarter valued at about $26,852,000. 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.

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