Sharplink Gaming (NASDAQ:SBET) Trading Up 7.7% - What's Next?

Key Points

• Sharplink Gaming shares rose 7.7% on Monday, trading as high as $6.06 after closing at $5.66. Volume was lighter than usual, with about 2.76 million shares changing hands versus a 7.9 million average.
• Analyst sentiment remains generally positive, with nine Buy ratings, one Hold, and one Sell, giving the stock a “Moderate Buy” consensus. MarketBeat reports a consensus price target of $20.23.
• The company’s recent fundamentals were weak: its last quarterly report missed both earnings and revenue estimates, and insiders have sold shares in recent months. Sharplink Gaming also has a high beta of 10.45, highlighting significant volatility.

Shares of Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) shot up 7.7% during trading on Monday . The company traded as high as $6.06 and last traded at $6.0950. Approximately 2,761,996 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 7,908,337 shares. The stock had previously closed at $5.66.

Analyst Ratings Changes

SBET has been the topic of a number of research reports. Weiss Ratings upgraded Sharplink Gaming from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 6th. Citizens Jmp lowered their price objective on Sharplink Gaming to $30.00 and set a "market outperform" rating for the company in a research note on Thursday, July 9th. Alliance Global Partners reaffirmed a "buy" rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Wall Street Zen upgraded Sharplink Gaming from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Citigroup reissued a "market outperform" rating on shares of Sharplink Gaming in a report on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Sharplink Gaming currently has an average rating of "Moderate Buy" and a consensus target price of $20.23.

Sharplink Gaming Trading Up 9.8%

The firm has a 50-day moving average of $5.74 and a 200 day moving average of $7.11. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -10.36 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing analysts' consensus estimates of ($0.62) by ($2.63). The business had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same period last year, the business posted ($1.84) earnings per share. Equities research analysts predict that Sharplink Gaming Inc. will post 0.11 EPS for the current fiscal year.

Insider Activity

In other Sharplink Gaming news, Director Leslie Bernhard sold 12,892 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction 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 transaction, the director directly owned 24,998 shares of the company's stock, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 38,676 shares of company stock worth $286,589 over the last three months. Corporate insiders own 3.60% of the company's stock.

Institutional Trading of Sharplink Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in Sharplink Gaming during the third quarter valued at about $49,000. Empowered Funds LLC acquired a new stake in Sharplink Gaming in the 4th quarter valued at about $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming during the 1st quarter valued at about $65,000. Koshinski Asset Management Inc. acquired a new position in shares of Sharplink Gaming in the 1st quarter worth approximately $71,000. Finally, SummitTX Capital L.P. bought a new stake in shares of Sharplink Gaming in the 1st quarter worth approximately $73,000. 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. 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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