Sharplink Gaming (NASDAQ:SBET) Trading Down 9.9% - Here's What Happened

Key Points

• Sharplink Gaming (NASDAQ:SBET) experienced a 9.9% drop in stock price, falling to $21.16 from a previous close of $23.49, with trading volume significantly above average.
• The company reported a net loss of ($0.64) EPS for the last quarter, with a revenue of only $0.70 million and a negative return on equity of 162.25%.
• Recent insider transactions included CEO Rob Phythian acquiring 44,640 shares at $6.72 each, increasing his ownership by 351.25%.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) traded down 9.9% on Friday . The company traded as low as $20.46 and last traded at $21.16. 16,801,885 shares were traded during mid-day trading, an increase of 25% from the average session volume of 13,427,182 shares. The stock had previously closed at $23.49.

Sharplink Gaming Price Performance

The firm has a 50 day moving average of $19.69 and a 200-day moving average of $12.55.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.64) earnings per share (EPS) for the quarter. Sharplink Gaming had a negative return on equity of 885.79% and a negative net margin of 3,377.39%. The company had revenue of $0.70 million for the quarter.

Insider Buying and Selling

In other Sharplink Gaming news, CEO Rob Phythian bought 44,640 shares of the stock in a transaction on Friday, May 30th. The stock was purchased at an average price of $6.72 per share, with a total value of $299,980.80. Following the completion of the purchase, the chief executive officer owned 57,349 shares in the company, valued at $385,385.28. The trade was a 351.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert Michael Delucia bought 7,440 shares of the company's stock in a transaction dated Friday, May 30th. The stock was bought at an average cost of $6.72 per share, with a total value of $49,996.80. Following the acquisition, the chief financial officer directly owned 14,107 shares of the company's stock, valued at approximately $94,799.04. The trade was a 111.59% increase in their position. The disclosure for this purchase can be found here. Company insiders own 10.50% of the company's stock.

Hedge Funds Weigh In On Sharplink Gaming

A number of institutional investors have recently added to or reduced their stakes in the stock. Anatole Investment Management Ltd acquired a new stake in Sharplink Gaming in the second quarter valued at approximately $6,332,000. JPMorgan Chase & Co. acquired a new stake in shares of Sharplink Gaming during the 2nd quarter valued at $3,229,000. HUB Investment Partners LLC bought a new stake in Sharplink Gaming during the 2nd quarter worth $298,000. Qube Research & Technologies Ltd acquired a new position in Sharplink Gaming in the 2nd quarter worth about $151,000. Finally, NewEdge Advisors LLC acquired a new position in Sharplink Gaming in the 2nd quarter worth about $101,000. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.