Sharplink Gaming (NASDAQ:SBET) Shares Up 8% - Time to Buy?

Key Points

• Sharplink Gaming's stock price rose by 8% on Thursday, trading as high as $18.44, following a previous close of $17.12.
• Analyst upgrades include a "buy" rating and a target price of $48.00 set by Alliance Global Partners, with a consensus rating of "buy" from investment analysts.
• Insider transactions revealed that Directors Obie Mckenzie and Leslie Bernhard both sold 18,334 shares at approximately $19.17 each, marking a significant decline in their ownership.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) was up 8% on Thursday . The company traded as high as $18.44 and last traded at $18.49. Approximately 9,600,246 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 15,788,560 shares. The stock had previously closed at $17.12.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners began coverage on Sharplink Gaming in a report on Tuesday, August 26th. They set a "buy" rating and a $48.00 target price for the company. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $48.00.

Sharplink Gaming Stock Performance

The stock's fifty day moving average price is $20.74 and its two-hundred day moving average price is $14.68.

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

Insider Activity at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 18,334 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $19.17, for a total transaction of $351,462.78. Following the transaction, the director owned 24,998 shares in the company, valued at approximately $479,211.66. This represents a 42.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie Bernhard sold 18,334 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 24,998 shares of the company's stock, valued at $479,211.66. This represents a 42.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,002 shares of company stock worth $1,054,388 over the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new position in Sharplink Gaming in the second quarter worth $101,000. Qube Research & Technologies Ltd purchased a new stake in shares of Sharplink Gaming in the 2nd quarter worth about $151,000. HUB Investment Partners LLC purchased a new position in Sharplink Gaming during the 2nd quarter valued at about $298,000. XTX Topco Ltd grew its holdings in Sharplink Gaming by 509.9% in the second quarter. XTX Topco Ltd now owns 110,270 shares of the company's stock worth $1,095,000 after purchasing an additional 92,189 shares during the period. Finally, Thames Capital Management LLC bought a new position in shares of Sharplink Gaming during the second quarter valued at approximately $1,566,000. 13.75% of the stock is owned by hedge funds and other institutional investors.

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.