Sharplink Gaming (NASDAQ:SBET) Stock Price Up 8.6% – Time to Buy?

Sharplink Gaming Inc. (NASDAQ:SBET) shot up 8.6% on Monday . The stock traded as high as $8.20 and last traded at $8.18. 1,126,423 shares were traded during trading, a decline of 84% from the average session volume of 7,102,486 shares. The stock had previously closed at $7.53.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SBET. Canaccord Genuity Group set a $16.00 price target on Sharplink Gaming and gave the stock a “buy” rating in a research report on Thursday, January 29th. B. Riley Financial cut their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Cantor Fitzgerald initiated coverage on Sharplink Gaming in a report on Monday, January 5th. They set an “overweight” rating and a $15.00 target price on the stock. Citizens Jmp lowered their target price on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 11th. Finally, iA Financial set a $20.00 price target on Sharplink Gaming in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sharplink Gaming has an average rating of “Moderate Buy” and a consensus price target of $24.71.

Sharplink Gaming Stock Up 8.6%

The stock has a market cap of $1.61 billion, a P/E ratio of -3.42 and a beta of 11.40. The stock has a fifty day simple moving average of $8.31 and a 200-day simple moving average of $11.54.

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

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in SBET. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sharplink Gaming in the 3rd quarter valued at $49,000. Empowered Funds LLC acquired a new position in Sharplink Gaming in the 4th quarter valued at $56,000. R Squared Ltd acquired a new position in Sharplink Gaming in the fourth quarter valued at about $90,000. Abacus Planning Group Inc. acquired a new position in shares of Sharplink Gaming in the 4th quarter valued at approximately $94,000. Finally, CI Investments Inc. bought a new stake in Sharplink Gaming during the fourth quarter worth $100,000. 13.75% of the stock is owned by institutional investors.

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.