Sharplink Gaming (NASDAQ:SBET) Shares Gap Down – Here’s Why

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price gapped down prior to trading on Monday . The stock had previously closed at $10.62, but opened at $9.77. Sharplink Gaming shares last traded at $9.7150, with a volume of 1,512,588 shares trading hands.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Citizens Jmp began coverage on shares of Sharplink Gaming in a research report on Thursday, October 16th. They set a “mkt outperform” rating and a $50.00 price objective for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Alliance Global Partners began coverage on Sharplink Gaming in a report on Tuesday, August 26th. They set a “buy” rating and a $48.00 price objective on the stock. JMP Securities began coverage on Sharplink Gaming in a research report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 target price on the stock. Finally, Zacks Research raised Sharplink Gaming to a “hold” rating in a report on Friday, October 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.20.

Sharplink Gaming Stock Down 9.0%

The stock has a market cap of $1.90 billion, a PE ratio of -4.04 and a beta of 9.98. The stock has a fifty day moving average of $13.80 and a 200-day moving average of $18.41.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Thames Capital Management LLC purchased a new stake in shares of Sharplink Gaming in the second quarter valued at about $1,566,000. XTX Topco Ltd lifted its position in Sharplink Gaming by 509.9% in the second quarter. XTX Topco Ltd now owns 110,270 shares of the company’s stock valued at $1,095,000 after purchasing an additional 92,189 shares during the period. APEIRON CAPITAL Ltd acquired a new stake in Sharplink Gaming in the third quarter valued at about $23,038,000. Global Retirement Partners LLC purchased a new stake in Sharplink Gaming in the 3rd quarter valued at approximately $103,000. Finally, SG Americas Securities LLC acquired a new position in Sharplink Gaming during the 3rd quarter worth approximately $2,854,000. Institutional investors and hedge funds own 13.75% of the company’s stock.

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.