Traders Buy Large Volume of Sharplink Gaming Call Options (NASDAQ:SBET)

Key Points

• Unusual options activity: Traders purchased 45,315 Sharplink Gaming call options, 90% above the average daily volume of 23,888.
• Mixed financial performance: Shares rose to $6.95, but the company reported a quarterly loss of $1.88 per share, far below the $0.01 consensus estimate, and revenue also missed expectations.
• Analysts remain moderately bullish: Nine analysts rate SBET a Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $19.01.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 45,315 call options on the stock. This represents an increase of 90% compared to the average daily volume of 23,888 call options.

Sharplink Gaming Price Performance

Shares of SBET traded up $0.66 during mid-day trading on Wednesday, reaching $6.95. The company had a trading volume of 11,436,712 shares, compared to its average volume of 7,863,017. The company has a market capitalization of $1.51 billion, a P/E ratio of 138.90 and a beta of 10.48. Sharplink Gaming has a twelve month low of $4.46 and a twelve month high of $21.03. The company's 50-day moving average is $5.74 and its 200-day moving average is $6.53.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last announced its quarterly earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate of $0.01 by ($1.89). Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. The company had revenue of $11.53 million during the quarter, compared to analyst estimates of $12.26 million. As a group, equities analysts expect that Sharplink Gaming will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

SBET has been the subject of a number of research analyst reports. TD Cowen reaffirmed a "buy" rating and set a $13.00 price objective (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Wall Street Zen raised Sharplink Gaming from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Cantor Fitzgerald reduced their price objective on Sharplink Gaming from $10.50 to $8.10 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Citizens Jmp lowered their price objective on Sharplink Gaming to $30.00 and set a "market outperform" rating on the stock in a research report on Thursday, July 9th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.01.

Institutional Investors Weigh In On Sharplink Gaming

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