Insider Selling: Sharplink Gaming (NASDAQ:SBET) Director Sells $47,629,627.28 in Stock

Sharplink Gaming Inc. (NASDAQ:SBET) Director Joseph Lubin sold 5,676,952 shares of the firm’s stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $8.39, for a total transaction of $47,629,627.28. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Sharplink Gaming Price Performance

Shares of SBET opened at $8.18 on Friday. The firm’s 50 day moving average is $8.38 and its 200-day moving average is $6.97. The stock has a market capitalization of $1.78 billion, a P/E ratio of 163.60 and a beta of 10.60. Sharplink Gaming Inc. has a 12-month low of $4.46 and a 12-month high of $16.20.

Sharplink Gaming (NASDAQ:SBET) last released its earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). The business had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. As a group, equities research analysts forecast that Sharplink Gaming Inc. will post 0.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sharplink Gaming in a research note on Friday, October 2nd. Citizens Jmp decreased their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Wall Street Zen raised Sharplink Gaming from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $14.00 price target (up from $12.00) on shares of Sharplink Gaming in a research report on Tuesday, September 22nd. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Institutional Investors Weigh In On Sharplink Gaming

A number of large investors have recently made changes to their positions in SBET. GAMMA Investing LLC lifted its position in shares of Sharplink Gaming by 355.7% in the 3rd quarter. GAMMA Investing LLC now owns 6,116 shares of the company’s stock valued at $57,000 after acquiring an additional 4,774 shares in the last quarter. Independent Financial Group LLC purchased a new position in Sharplink Gaming during the 1st quarter worth approximately $65,000. Koshinski Asset Management Inc. purchased a new position in Sharplink Gaming during the 1st quarter worth approximately $71,000. Galvin Gaustad & Stein LLC acquired a new stake in Sharplink Gaming during the 3rd quarter valued at $102,000. Finally, SummitTX Capital L.P. acquired a new stake in Sharplink Gaming during the 1st quarter valued at $73,000. Institutional investors and hedge funds own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. (NASDAQ: SBET) is a technology and digital marketing company serving the online sports betting and iGaming industries. Its platform is designed to help sportsbook and casino operators acquire, engage and retain customers through performance marketing, affiliate partnerships, data-driven campaigns and conversion tools.

The company has historically focused on connecting sports audiences with licensed online betting and gaming operators, supporting customer referral programs and related marketing initiatives.