Sharplink Gaming (NASDAQ:SBET) Shares Gap Up – Should You Buy?

Sharplink Gaming Inc. (NASDAQ:SBET) gapped up before the market opened on Wednesday . The stock had previously closed at $7.26, but opened at $7.74. Sharplink Gaming shares last traded at $7.80, with a volume of 2,306,706 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SBET. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a report on Thursday, January 22nd. B. Riley Financial lowered their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. iA Financial set a $20.00 target price on Sharplink Gaming in a report on Wednesday, January 7th. Wall Street Zen cut Sharplink Gaming from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Cantor Fitzgerald started coverage on Sharplink Gaming in a research report on Monday, January 5th. They issued an “overweight” rating and a $15.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.14.

Sharplink Gaming Trading Down 2.5%

The firm has a fifty day moving average of $8.49 and a 200 day moving average of $12.15. The company has a market capitalization of $1.56 billion, a P/E ratio of -3.32 and a beta of 11.40.

Institutional Investors Weigh In On Sharplink Gaming

A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in Sharplink Gaming by 165.9% during the 4th quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after buying an additional 1,706,011 shares during the last quarter. Empowered Funds LLC purchased a new stake in Sharplink Gaming during the fourth quarter valued at $56,000. XTX Topco Ltd bought a new position in Sharplink Gaming in the fourth quarter valued at about $871,000. Voloridge Investment Management LLC boosted its position in Sharplink Gaming by 344.4% in the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after purchasing an additional 2,101,252 shares during the last quarter. Finally, Torno Capital LLC bought a new stake in shares of Sharplink Gaming during the 4th quarter valued at about $1,480,000. Institutional investors 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. 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.