Sharplink Gaming (NASDAQ:SBET) Trading Up 8% - Here's What Happened

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)'s stock price traded up 8% on Thursday . The stock traded as high as $18.44 and last traded at $18.49. 9,600,246 shares traded hands during trading, a decline of 39% from the average session volume of 15,788,560 shares. The stock had previously closed at $17.12.

Analyst Upgrades and Downgrades

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

Sharplink Gaming Trading Up 3.8%

The company's fifty day simple moving average is $20.85 and its two-hundred day simple moving average is $14.38.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.64) earnings per share (EPS) for the quarter. Sharplink Gaming had a negative net margin of 3,377.39% and a negative return on equity of 15.93%. 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 the firm's stock in a transaction 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 sale, the director owned 24,998 shares in the company, valued at $479,211.66. This trade represents 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 available through this link. Also, Director Leslie Bernhard sold 18,334 shares of the firm's stock in a transaction 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 sale, the director owned 24,998 shares in the company, valued at $479,211.66. This trade 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 quarter. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sharplink Gaming

Institutional investors have recently bought and sold shares of the stock. Anatole Investment Management Ltd purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $6,332,000. JPMorgan Chase & Co. purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $3,229,000. HUB Investment Partners LLC purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $298,000. Qube Research & Technologies Ltd purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $151,000. Finally, NewEdge Advisors LLC purchased a new stake in Sharplink Gaming in the second quarter valued at approximately $101,000. 13.75% of the stock is currently 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.

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