Sharplink Gaming (NASDAQ:SBET) Stock Price Down 7.3% on Insider Selling

by · The Markets Daily

Sharplink Gaming Inc. (NASDAQ:SBET – Get Free Report) shares were down 7.3% during trading on Wednesday following insider selling activity. The stock traded as low as $7.76 and last traded at $7.7970. 4,552,809 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 8,048,812 shares. The stock had previously closed at $8.41.

Specifically, Director Joseph Lubin sold 5,676,952 shares of Sharplink Gaming stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $8.39, for a total transaction of $47,629,627.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

SBET has been the topic of a number of recent research reports. TD Cowen reissued a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. Citizens Jmp cut their price objective on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Sharplink Gaming in a research note on Friday, October 2nd. Canaccord Genuity Group reduced their price objective on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Sharplink Gaming in a report on Thursday, August 13th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Read Our Latest Stock Report on Sharplink Gaming

Sharplink Gaming Stock Performance

The firm has a market cap of $1.69 billion, a P/E ratio of 157.04 and a beta of 10.60. The stock has a fifty day simple moving average of $8.31 and a 200 day simple moving average of $6.95.

Sharplink Gaming (NASDAQ:SBET – Get Free Report) last posted its quarterly 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 return on equity of 33.40% and a negative net margin of 3,406.29%. The business had revenue of $11.53 million during the quarter, compared to analysts’ expectations of $12.26 million. Research analysts predict that Sharplink Gaming Inc. will post 0.12 earnings per share for the current year.

Hedge Funds Weigh In On Sharplink Gaming

A number of hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC purchased a new position in Sharplink Gaming in the 3rd quarter worth about $382,000. GAMMA Investing LLC lifted its stake in Sharplink Gaming by 355.7% during 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 during the period. Galvin Gaustad & Stein LLC purchased a new stake in shares of Sharplink Gaming during the 3rd quarter valued at about $102,000. WINTON GROUP Ltd purchased a new stake in shares of Sharplink Gaming during the 2nd quarter valued at about $129,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Sharplink Gaming during the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

About Sharplink Gaming

(Get Free Report)

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.

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