Sharplink Gaming (NASDAQ:SBET) Announces Quarterly Earnings Results

Sharplink Gaming (NASDAQ:SBET) issued its quarterly earnings data on Friday. The company reported ($1.88) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($1.90), FiscalAI reports. The business had revenue of $11.53 million during the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.

Sharplink Gaming Stock Up 2.2%

Shares of NASDAQ:SBET traded up $0.14 during midday trading on Friday, hitting $6.43. The stock had a trading volume of 4,926,644 shares, compared to its average volume of 8,111,213. The company’s 50-day moving average price is $5.65 and its 200-day moving average price is $6.73. The company has a market capitalization of $1.30 billion, a P/E ratio of -10.72 and a beta of 10.48. Sharplink Gaming has a fifty-two week low of $4.46 and a fifty-two week high of $28.26.

Insider Buying and Selling

In other Sharplink Gaming news, Director Obie Mckenzie sold 12,892 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the transaction, the director directly owned 24,998 shares in the company, valued at $185,235.18. The trade was 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 available at this link. Also, Director Leslie Bernhard sold 12,892 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the sale, the director owned 24,998 shares of the company’s stock, valued at $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 38,676 shares of company stock worth $286,589. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Sharplink Gaming

A number of institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd acquired a new stake in Sharplink Gaming in the third quarter valued at about $49,000. Empowered Funds LLC acquired a new position in Sharplink Gaming during the fourth quarter worth about $56,000. NewEdge Advisors LLC acquired a new position in Sharplink Gaming during the second quarter worth about $101,000. CI Investments Inc. bought a new position in shares of Sharplink Gaming in the fourth quarter worth about $100,000. Finally, Ausdal Financial Partners Inc. lifted its holdings in shares of Sharplink Gaming by 16.1% in the fourth quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock worth $104,000 after acquiring an additional 1,606 shares during the last quarter. Institutional investors and hedge funds own 13.75% of the company’s stock.

Analyst Upgrades and Downgrades

SBET has been the topic of several recent research reports. Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. TD Cowen reiterated a “buy” rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Citizens Jmp reduced their price target on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen upgraded Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sharplink Gaming has an average rating of “Moderate Buy” and an average target price of $19.90.

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.