Short Interest in Sharplink Gaming Inc. (NASDAQ:SBET) Rises By 65.1%

Key Points

• Sharplink Gaming Inc. (NASDAQ:SBET) experienced a significant 65.1% increase in short interest in August, reaching a total of 17,770,000 shares short sold.
• Analysts from Alliance Global Partners have issued a "buy" rating for Sharplink Gaming, with a target price of $48.00, reflecting a positive outlook on the stock.
• Insiders sold 55,002 shares of Sharplink Gaming stock valued at over $1 million in the last ninety days, indicating a decrease in their ownership stake by 42.31%.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) was the recipient of a significant growth in short interest in August. As of August 15th, there was short interest totaling 17,770,000 shares, agrowthof65.1% from the July 31st total of 10,760,000 shares. Currently,10.7% of the shares of the stock are short sold. Based on an average trading volume of 37,050,000 shares, the days-to-cover ratio is presently 0.5 days. Based on an average trading volume of 37,050,000 shares, the days-to-cover ratio is presently 0.5 days. Currently,10.7% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners started coverage on shares of Sharplink Gaming in a research note on Tuesday, August 26th. They issued a "buy" rating and a $48.00 target price on the stock. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $48.00.

Sharplink Gaming Price Performance

Shares of SBET traded down $0.49 during trading hours on Friday, hitting $14.94. The company had a trading volume of 29,767,322 shares, compared to its average volume of 44,848,956. Sharplink Gaming has a 52-week low of $2.26 and a 52-week high of $124.12. The firm has a fifty day moving average price of $20.24 and a 200-day moving average price of $13.74.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued 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 business had revenue of $0.70 million during the quarter.

Insiders Place Their Bets

In other Sharplink Gaming news, Director Leslie Bernhard sold 18,334 shares of Sharplink Gaming stock in a transaction that occurred 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 transaction, the director directly owned 24,998 shares of the company's stock, valued at approximately $479,211.66. This trade represents a 42.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Obie Mckenzie sold 18,334 shares of Sharplink Gaming 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 directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,002 shares of company stock valued at $1,054,388. 10.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SBET. NewEdge Advisors LLC bought a new position in Sharplink Gaming in the 2nd quarter worth approximately $101,000. Qube Research & Technologies Ltd bought a new position in Sharplink Gaming in the 2nd quarter worth approximately $151,000. HUB Investment Partners LLC bought a new position in Sharplink Gaming in the 2nd quarter worth approximately $298,000. XTX Topco Ltd boosted its stake in Sharplink Gaming by 509.9% in the 2nd 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 Sharplink Gaming in the 2nd quarter worth approximately $1,566,000. 13.75% of the stock is currently owned by 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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