Sharplink Gaming (NASDAQ:SBET) Rating Increased to Hold at Wall Street Zen

Sharplink Gaming (NASDAQ:SBET) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday.

Several other equities analysts have also recently issued reports on the company. TD Cowen started coverage on Sharplink Gaming in a research note on Friday, April 10th. They set a “buy” rating and a $16.00 price objective on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $16.00 target price on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Citizens Jmp lowered their target price on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a report on Monday, May 11th. Finally, Citigroup restated a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Sharplink Gaming has a consensus rating of “Moderate Buy” and an average target price of $20.23.

Sharplink Gaming Trading Up 3.6%

NASDAQ SBET traded up $0.19 on Friday, hitting $5.51. 8,194,304 shares of the stock traded hands, compared to its average volume of 10,559,318. The stock has a 50-day moving average of $5.91 and a 200 day moving average of $7.24. Sharplink Gaming has a twelve month low of $4.46 and a twelve month high of $40.46. The company has a market capitalization of $1.12 billion, a P/E ratio of -9.18 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last issued its 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 firm had revenue of $12.06 million during the quarter, compared to analyst estimates of $14.60 million. During the same quarter in the previous year, the business posted ($1.84) EPS. As a group, equities research analysts expect that Sharplink Gaming will post 0.11 earnings per share for the current year.

Insider Buying and Selling at Sharplink Gaming

In other news, Director Robert M. Gutkowski sold 12,892 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 38,676 shares of company stock worth $286,589. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sharplink Gaming

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