Sharplink Gaming Inc. (NASDAQ:SBET – Get Free Report)’s stock price traded up 10.5% during trading on Wednesday . The stock traded as high as $6.81 and last traded at $6.9520. 3,556,365 shares changed hands during trading, a decline of 54% from the average daily volume of 7,802,887 shares. The stock had previously closed at $6.29.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Canaccord Genuity Group dropped their price target on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday. Cantor Fitzgerald decreased their price target on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Nine 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.01.
Sharplink Gaming Stock Up 10.9%
Sharplink Gaming (NASDAQ:SBET – Get Free Report) last released its earnings results on Saturday, August 8th. The company reported ($1.88) EPS for the quarter, missing the consensus estimate of $0.01 by ($1.89). The business had revenue of $11.53 million for the quarter, compared to analyst estimates of $12.26 million. Sharplink Gaming had a negative net margin of 3,406.29% and a negative return on equity of 33.40%. On average, research analysts expect that Sharplink Gaming Inc. will post 0.09 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sharplink Gaming during the 3rd quarter worth $49,000. Empowered Funds LLC bought a new stake in shares of Sharplink Gaming during the fourth quarter worth $56,000. Independent Financial Group LLC bought a new stake in shares of Sharplink Gaming during the first quarter valued at approximately $65,000. Koshinski Asset Management Inc. acquired a new position in shares of Sharplink Gaming during the first quarter valued at $71,000. Finally, SummitTX Capital L.P. bought a new position in Sharplink Gaming in the first quarter valued at approximately $73,000. Institutional investors own 13.75% of the company’s stock.
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.
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