Sharplink Gaming Target of Unusually High Options Trading (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) was the target of unusually large options trading activity on Monday. Investors bought 43,268 call options on the stock. This represents an increase of approximately 72% compared to the typical daily volume of 25,161 call options.

Sharplink Gaming Trading Up 8.5%

Shares of NASDAQ SBET opened at $6.14 on Tuesday. Sharplink Gaming has a 12-month low of $4.46 and a 12-month high of $34.29. The firm’s 50-day moving average price is $5.71 and its 200-day moving average price is $7.09. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -10.23 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The company had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. During the same quarter in the prior year, the business posted ($1.84) EPS. On average, equities analysts predict that Sharplink Gaming will post 0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Leslie Bernhard sold 12,892 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert M. Gutkowski sold 12,892 shares of Sharplink Gaming stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the completion of the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,676 shares of company stock worth $286,589 in the last 90 days. 3.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sharplink Gaming

Institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. increased its position in shares of Sharplink Gaming by 70.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock valued at $38,162,000 after purchasing an additional 1,769,589 shares during the last quarter. Weiss Asset Management LP lifted its position in Sharplink Gaming by 19.1% in the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after buying an additional 488,247 shares during the last quarter. Invesco Ltd. lifted its position in Sharplink Gaming by 165.9% in the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock worth $24,442,000 after buying an additional 1,706,011 shares during the last quarter. Vanguard Group Inc. purchased a new position in Sharplink Gaming during the third quarter worth $46,447,000. Finally, Voloridge Investment Management LLC boosted its stake in Sharplink Gaming by 344.4% during the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after buying an additional 2,101,252 shares during the period. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Analyst Ratings Changes

SBET has been the subject of a number of research reports. HC Wainwright initiated coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. TD Cowen initiated coverage on Sharplink Gaming in a research report on Friday, April 10th. They set a “buy” rating and a $16.00 target price for the company. Citizens Jmp lowered their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research report on Thursday, July 9th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.23.

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.