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

Sharplink Gaming Inc. (NASDAQ:SBET) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.26, but opened at $7.74. Sharplink Gaming shares last traded at $7.80, with a volume of 2,306,706 shares trading hands.

Wall Street Analyst Weigh In

SBET has been the subject of a number of research analyst reports. iA Financial set a $20.00 price objective on shares of Sharplink Gaming in a report on Wednesday, January 7th. Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Thursday, January 22nd. Cantor Fitzgerald started coverage on shares of Sharplink Gaming in a research note on Monday, January 5th. They set an “overweight” rating and a $15.00 target price for the company. Canaccord Genuity Group set a $16.00 price target on shares of Sharplink Gaming and gave the company a “buy” rating in a report on Thursday, January 29th. Finally, B. Riley Financial decreased their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.14.

Sharplink Gaming Price Performance

The firm has a market cap of $1.57 billion, a P/E ratio of -3.33 and a beta of 11.40. The company’s 50-day simple moving average is $8.54 and its 200 day simple moving average is $12.21.

Institutional Investors Weigh In On Sharplink Gaming

Several hedge funds and other institutional investors have recently modified their holdings of SBET. Marshall Wace LLP bought a new stake in shares of Sharplink Gaming in the 2nd quarter valued at about $26,852,000. APEIRON CAPITAL Ltd bought a new position in shares of Sharplink Gaming during the 3rd quarter worth approximately $23,038,000. XTX Topco Ltd lifted its position in Sharplink Gaming by 509.9% during the second quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock valued at $1,095,000 after acquiring an additional 92,189 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Sharplink Gaming in the third quarter valued at approximately $30,812,000. Finally, Thames Capital Management LLC purchased a new position in Sharplink Gaming in the second quarter worth $1,566,000. 13.75% of the stock is currently 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.