Sharplink Gaming (NASDAQ:SBET) Trading Down 5.2% - Should You Sell?

Key Points

• Sharplink Gaming's (NASDAQ:SBET) share price fell by 5.2% to $18.24, marking a significant decline in trading volume, which was down 65% from average session levels.
• Analysts have mixed ratings for SBET, with one assigning a Buy rating and a $48.00 price target, while another rated it a Sell, resulting in a consensus rating of "Hold."
• Recent insider activity includes directors selling shares at an average price of $19.17, leading to a notable decrease in their holdings, as insiders collectively sold over 55,000 shares in the past three months.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s share price traded down 5.2% during trading on Tuesday . The stock traded as low as $18.36 and last traded at $18.24. 5,623,213 shares were traded during mid-day trading, a decline of 65% from the average session volume of 15,969,873 shares. The stock had previously closed at $19.24.

Analyst Ratings Changes

SBET has been the subject of several analyst reports. Weiss Ratings reissued a "sell (d)" rating on shares of Sharplink Gaming in a research note on Saturday, September 27th. Alliance Global Partners initiated coverage on Sharplink Gaming in a research report on Tuesday, August 26th. They set a "buy" rating and a $48.00 price objective for the company. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $48.00.

Sharplink Gaming Trading Down 7.6%

The company's fifty day simple moving average is $18.54 and its two-hundred day simple moving average is $15.69.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.64) earnings per share (EPS) for the quarter. The firm had revenue of $0.70 million for the quarter. Sharplink Gaming had a negative return on equity of 15.93% and a negative net margin of 3,377.39%.

Insider Buying and Selling

In related news, Director Robert M. Gutkowski sold 18,334 shares of the company'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 of the company's stock, valued at approximately $479,211.66. This represents a 42.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Obie Mckenzie sold 18,334 shares of the company'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 completion of the sale, the director directly owned 24,998 shares of the company's stock, valued at $479,211.66. The trade was a 42.31% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,002 shares of company stock valued at $1,054,388. Insiders own 3.40% 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 company. Anatole Investment Management Ltd acquired a new position in shares of Sharplink Gaming in the second quarter worth about $6,332,000. HUB Investment Partners LLC bought a new stake in Sharplink Gaming during the second quarter valued at $298,000. NewEdge Advisors LLC bought a new stake in shares of Sharplink Gaming during the 2nd quarter valued at about $101,000. Qube Research & Technologies Ltd acquired a new stake in shares of Sharplink Gaming during the 2nd quarter worth approximately $151,000. Finally, Marshall Wace LLP bought a new stake in Sharplink Gaming in the second quarter valued at $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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