Sharplink Gaming (NASDAQ:SBET) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $7.32 and traded as low as $7.17. Sharplink Gaming shares last traded at $7.18, with a volume of 6,521,452 shares traded.

Analysts Set New Price Targets

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

Sharplink Gaming Trading Down 1.2%

The stock has a market capitalization of $1.60 billion, a PE ratio of 147.20 and a beta of 10.60. The firm has a 50 day moving average price of $8.58 and a 200 day moving average price of $7.29.

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

Insider Activity at Sharplink Gaming

In other news, Director Joseph Lubin sold 5,676,952 shares of the firm’s stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $8.39, for a total value of $47,629,627.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in Sharplink Gaming during the 1st quarter worth approximately $11,691,000. SG Americas Securities LLC boosted its position in shares of Sharplink Gaming by 332.9% in the first quarter. SG Americas Securities LLC now owns 758,022 shares of the company’s stock worth $4,889,000 after purchasing an additional 582,919 shares during the period. Lakewood Capital Management LP bought a new position in shares of Sharplink Gaming in the second quarter worth approximately $2,683,000. Bank of New York Mellon Corp bought a new position in shares of Sharplink Gaming in the second quarter worth approximately $2,488,000. Finally, Weiss Asset Management LP increased its stake in shares of Sharplink Gaming by 19.1% in the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after purchasing an additional 488,247 shares in the last quarter. 13.75% of the stock is currently owned by institutional investors.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a technology and performance-marketing company serving the online sports betting and iGaming industries. The company provides customer-acquisition solutions designed to connect sports fans and gaming audiences with licensed betting and gaming operators through digital marketing, affiliate partnerships and related technology.

SharpLink’s activities have historically focused on the United States and other regulated online gaming markets, where it has supported operators with player acquisition, engagement and retention initiatives.