MMCAP International Inc. SPC boosted its holdings in Sharplink Gaming Inc. (NASDAQ:SBET – Free Report) by 61.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 807,600 shares of the company’s stock after buying an additional 308,900 shares during the period. MMCAP International Inc. SPC’s holdings in Sharplink Gaming were worth $7,220,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new stake in Sharplink Gaming in the 3rd quarter worth about $49,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sharplink Gaming by 23.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock worth $139,000 after buying an additional 2,946 shares during the last quarter. IFP Advisors Inc acquired a new stake in Sharplink Gaming in the 3rd quarter worth about $102,000. Highbridge Capital Management LLC acquired a new stake in Sharplink Gaming in the 3rd quarter worth about $144,000. Finally, R Squared Ltd acquired a new stake in Sharplink Gaming in the 4th quarter worth about $90,000. 13.75% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
SBET has been the topic of a number of research analyst reports. TD Cowen initiated coverage on Sharplink Gaming in a research note on Friday, April 10th. They issued a “buy” rating and a $16.00 price target on the stock. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. HC Wainwright initiated coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price target on the stock. B. Riley Financial decreased their price target on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. Finally, Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.11.
Sharplink Gaming Stock Performance
Shares of NASDAQ:SBET opened at $6.18 on Wednesday. The company has a market cap of $1.22 billion, a P/E ratio of -10.30 and a beta of 10.69. Sharplink Gaming Inc. has a one year low of $5.96 and a one year high of $124.12. The business’s 50-day simple moving average is $7.01 and its 200 day simple moving average is $8.41.
Sharplink Gaming (NASDAQ:SBET – Get Free Report) last announced its earnings results on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). The company had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. During the same quarter in the previous year, the business posted ($1.84) earnings per share. Analysts predict that Sharplink Gaming Inc. will post 0.15 earnings per share for the current year.
Insider Activity at Sharplink Gaming
In related news, Director Robert M. Gutkowski sold 12,892 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director directly owned 24,998 shares in the company, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leslie Bernhard sold 12,892 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were 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 in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 38,676 shares of company stock worth $286,589. 3.60% of the stock is currently owned by company insiders.
Sharplink Gaming 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.
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