Sharplink Gaming (NASDAQ:SBET) Shares Down 6.8% – Time to Sell?
by Mitch Edgeman · The Markets DailySharplink Gaming Inc. (NASDAQ:SBET – Get Free Report) shares dropped 6.8% during trading on Thursday . The stock traded as low as $6.63 and last traded at $6.7850. Approximately 2,512,903 shares traded hands during trading, a decline of 63% from the average daily volume of 6,773,605 shares. The stock had previously closed at $7.28.
Wall Street Analysts Forecast Growth
SBET has been the subject of several research analyst reports. B. Riley Financial dropped their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Citizens Jmp lowered their target price on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 11th. Cantor Fitzgerald assumed coverage on Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 target price for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a report on Tuesday, March 17th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.71.
Check Out Our Latest Research Report on Sharplink Gaming
Sharplink Gaming Price Performance
The business’s 50 day simple moving average is $7.88 and its 200-day simple moving average is $11.06. The stock has a market capitalization of $1.30 billion, a P/E ratio of -2.77 and a beta of 11.40.
Sharplink Gaming (NASDAQ:SBET – Get Free Report) last posted its quarterly earnings results on Monday, March 9th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.11. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.The company had revenue of $13.31 million for the quarter, compared to the consensus estimate of $17.19 million.
Hedge Funds Weigh In On Sharplink Gaming
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBET. J. Derek Lewis & Associates Inc. bought a new stake in shares of Sharplink Gaming in the 4th quarter valued at about $434,000. Hsbc Holdings PLC boosted its stake in Sharplink Gaming by 12.6% during the 4th quarter. Hsbc Holdings PLC now owns 99,001 shares of the company’s stock worth $867,000 after acquiring an additional 11,114 shares during the last quarter. Invesco Ltd. grew its holdings in Sharplink Gaming by 165.9% during the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after purchasing an additional 1,706,011 shares during the period. Empowered Funds LLC acquired a new position in Sharplink Gaming during the fourth quarter valued at approximately $56,000. Finally, XTX Topco Ltd bought a new stake in Sharplink Gaming in the fourth quarter valued at approximately $871,000. Institutional investors own 13.75% of the company’s stock.
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. 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.