Sharplink Gaming (NASDAQ:SBET) Stock Price Down 9.2% Following Insider Selling

Key Points

• Sharplink Gaming shares fell 9.2% in midday trading after insider selling, with the stock briefly hitting $6.74 before last trading around $6.72.
• Three directors sold 12,892 shares each at an average price of $7.41, cutting their ownership positions by about 34% apiece. The sales were disclosed in SEC filings.
• Analysts remain mixed but generally constructive, with an average rating of “Moderate Buy” and a consensus price target of $22.11, even as the company recently reported a wider-than-expected quarterly loss and weaker revenue than forecast.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) were down 9.2% during mid-day trading on Friday following insider selling activity. The stock traded as low as $6.74 and last traded at $6.7220. Approximately 1,652,127 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 7,134,917 shares. The stock had previously closed at $7.40.

Specifically, Director Robert M. Gutkowski sold 12,892 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Leslie Bernhard sold 12,892 shares of the business'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 transaction, the director directly owned 24,998 shares of the company's stock, valued at approximately $185,235.18. This represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other Sharplink Gaming news, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

SBET has been the subject of a number of research analyst reports. B. Riley Financial dropped their price target on Sharplink Gaming from $19.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, February 23rd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $16.00 target price on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Citizens Jmp dropped their target price on shares of Sharplink Gaming from $50.00 to $40.00 and set a "market outperform" rating for the company in a research report on Wednesday, March 11th. Alliance Global Partners reissued a "buy" rating on shares of Sharplink Gaming in a research note on Monday. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.11.

Sharplink Gaming Price Performance

The firm's 50 day moving average is $7.22 and its 200 day moving average is $8.79. The company has a market capitalization of $1.33 billion, a PE ratio of -11.31 and a beta of 10.69.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The firm had revenue of $12.06 million for the quarter, compared to analysts' expectations of $14.60 million. During the same period in the previous year, the company earned ($1.84) EPS. As a group, analysts predict that Sharplink Gaming Inc. will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. APEIRON CAPITAL Ltd bought a new stake in shares of Sharplink Gaming in the 3rd quarter worth approximately $23,038,000. Wolverine Asset Management LLC bought a new position in shares of Sharplink Gaming during the fourth quarter valued at approximately $4,398,000. CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Sharplink Gaming during the third quarter valued at approximately $30,812,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Sharplink Gaming in the third quarter worth $2,190,000. Finally, BIT Capital GmbH lifted its stake in Sharplink Gaming by 103.5% in the third quarter. BIT Capital GmbH now owns 1,215,819 shares of the company's stock worth $20,681,000 after acquiring an additional 618,508 shares during the period. Hedge funds and other institutional investors 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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