Sharplink Gaming (NASDAQ:SBET) Trading 8.6% Higher - Here's What Happened

Key Points

• Sharplink Gaming Inc. (NASDAQ:SBET) experienced an 8.6% increase in stock price, reaching as high as $17.38, despite a trading volume that was lower than average.
• Analysts at Alliance Global Partners issued a "buy" rating for Sharplink Gaming, setting a price target of $48.00, indicating strong future potential for the stock.
• Insider transactions revealed that directors sold significant amounts of stock, representing a 42.31% decrease in their holdings, which could signal a lack of confidence in the company’s near-term performance.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) traded up 8.6% during mid-day trading on Monday . The stock traded as high as $17.18 and last traded at $17.38. 15,116,741 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 16,019,287 shares. The stock had previously closed at $16.00.

Analyst Upgrades and Downgrades

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

Sharplink Gaming Stock Up 7.9%

The stock has a 50 day simple moving average of $19.29 and a two-hundred day simple moving average of $15.11.

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.

Insider Transactions at Sharplink Gaming

In other news, Director Obie Mckenzie sold 18,334 shares of Sharplink Gaming 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 sale, the director owned 24,998 shares in the company, valued at approximately $479,211.66. The trade was a 42.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert M. Gutkowski sold 18,334 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $19.17, for a total value of $351,462.78. Following the transaction, the director directly owned 24,998 shares in the company, valued at approximately $479,211.66. This represents a 42.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,002 shares of company stock worth $1,054,388. Corporate insiders own 3.40% of the company's stock.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC purchased a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $101,000. Qube Research & Technologies Ltd purchased a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $151,000. HUB Investment Partners LLC purchased a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $298,000. XTX Topco Ltd boosted its holdings in Sharplink Gaming by 509.9% in the 2nd quarter. XTX Topco Ltd now owns 110,270 shares of the company's stock valued at $1,095,000 after purchasing an additional 92,189 shares in the last quarter. Finally, Thames Capital Management LLC purchased a new stake in Sharplink Gaming in the 2nd quarter valued at approximately $1,566,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.