Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – Here’s Why

Shares of Sharplink Gaming Inc. (NASDAQ:SBET) gapped up prior to trading on Friday . The stock had previously closed at $7.48, but opened at $7.84. Sharplink Gaming shares last traded at $7.9550, with a volume of 1,238,846 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. iA Financial set a $20.00 price objective on Sharplink Gaming in a research report on Wednesday, January 7th. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday. Canaccord Genuity Group set a $16.00 price target on Sharplink Gaming and gave the stock a “buy” rating in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald started coverage on shares of Sharplink Gaming in a research report on Monday, January 5th. They set an “overweight” rating and a $15.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.71.

Sharplink Gaming Price Performance

The business has a 50-day simple moving average of $8.31 and a 200-day simple moving average of $11.60. The firm has a market capitalization of $1.48 billion, a PE ratio of -3.15 and a beta of 11.40.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Monday, March 9th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.11. The business had revenue of $13.31 million during the quarter, compared to analyst estimates of $17.19 million. Sharplink Gaming had a negative return on equity of 50.72% and a negative net margin of 2,618.38%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP purchased a new stake in shares of Sharplink Gaming in the second quarter valued at $26,852,000. APEIRON CAPITAL Ltd purchased a new position in shares of Sharplink Gaming during the 3rd quarter worth about $23,038,000. XTX Topco Ltd boosted its stake in shares of Sharplink Gaming by 509.9% during 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. CloudAlpha Capital Management Limited Hong Kong bought a new position in Sharplink Gaming during the 3rd quarter valued at about $30,812,000. Finally, Thames Capital Management LLC bought a new position in Sharplink Gaming during the 2nd quarter valued at about $1,566,000. 13.75% of the stock is owned by hedge funds and other 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. 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.