Sharplink Gaming (NASDAQ:SBET) Coverage Initiated at B. Riley

Key Points

• Research firm B. Riley has initiated coverage on Sharplink Gaming (NASDAQ:SBET) with a buy rating.
• Other analysts have set a consensus target price of $45.00, with ratings ranging from "Strong Buy" to "Sell."
• Sharplink Gaming's stock performance shows a significant fluctuation, with a 12-month range between $2.26 and $124.12.

Equities researchers at B. Riley started coverage on shares of Sharplink Gaming (NASDAQ:SBET - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm set a "buy" rating on the stock.

A number of other equities analysts also recently commented on the company. JMP Securities began coverage on Sharplink Gaming in a report on Thursday. They set a "market outperform" rating and a $50.00 target price for the company. Citizens Jmp began coverage on shares of Sharplink Gaming in a report on Thursday. They issued a "mkt outperform" rating and a $50.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Sharplink Gaming in a research note on Wednesday, October 8th. Finally, Alliance Global Partners began coverage on shares of Sharplink Gaming in a research report on Tuesday, August 26th. They set a "buy" rating and a $48.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

Sharplink Gaming Price Performance

Shares of Sharplink Gaming stock opened at $14.57 on Wednesday. The company's fifty day simple moving average is $17.93 and its two-hundred day simple moving average is $16.22. Sharplink Gaming has a 12-month low of $2.26 and a 12-month high of $124.12.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.64) earnings per share 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 Buying and Selling

In related news, Director Robert M. Gutkowski sold 18,334 shares of Sharplink Gaming stock in a transaction dated 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 transaction, the director directly owned 24,998 shares of the company's stock, valued at $479,211.66. This trade represents a 42.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Obie Mckenzie sold 18,334 shares of the business's 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 directly owned 24,998 shares in the company, valued at $479,211.66. The trade was a 42.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,002 shares of company stock worth $1,054,388 in the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SBET. Marshall Wace LLP purchased a new stake in shares of Sharplink Gaming in the second quarter worth $26,852,000. Anatole Investment Management Ltd purchased a new position in shares of Sharplink Gaming in the 2nd quarter worth about $6,332,000. JPMorgan Chase & Co. bought a new position in Sharplink Gaming in the 2nd quarter worth about $3,229,000. Thames Capital Management LLC bought a new position in Sharplink Gaming in the 2nd quarter worth about $1,566,000. Finally, XTX Topco Ltd grew its position in Sharplink Gaming by 509.9% during 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 during the last quarter. 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.