Sharplink Gaming Target of Unusually High Options Trading (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) was the target of unusually large options trading activity on Tuesday. Stock investors purchased 35,403 call options on the stock. This is an increase of 42% compared to the typical daily volume of 24,902 call options.

Insider Transactions at Sharplink Gaming

In related news, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total value of $95,529.72. Following the transaction, the director directly owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Obie Mckenzie sold 12,892 shares of Sharplink Gaming stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of the sale, the director directly owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. The trade was a 34.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 38,676 shares of company stock valued at $286,589 in the last 90 days. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sharplink Gaming

Several institutional investors have recently bought and sold shares of SBET. Caitong International Asset Management Co. Ltd bought a new stake in Sharplink Gaming in the 3rd quarter worth $49,000. Empowered Funds LLC purchased a new position in shares of Sharplink Gaming in the 4th quarter valued at approximately $56,000. Independent Financial Group LLC purchased a new position in shares of Sharplink Gaming in the 1st quarter valued at approximately $65,000. Koshinski Asset Management Inc. bought a new stake in shares of Sharplink Gaming during the first quarter valued at approximately $71,000. Finally, SummitTX Capital L.P. purchased a new stake in Sharplink Gaming in the first quarter worth $73,000. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SBET has been the subject of a number of analyst reports. B. Riley Financial reduced their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Citizens Jmp dropped their price target on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating on the stock in a research report on Wednesday, March 11th. HC Wainwright assumed coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings lowered shares of Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.00 price objective on shares of Sharplink Gaming in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given 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 stock has an average rating of “Moderate Buy” and a consensus target price of $22.11.

Sharplink Gaming Stock Down 4.2%

Shares of NASDAQ SBET traded down $0.23 during mid-day trading on Tuesday, reaching $5.08. 5,217,744 shares of the company were exchanged, compared to its average volume of 7,383,368. The company’s 50 day moving average price is $6.52 and its 200 day moving average price is $7.75. Sharplink Gaming has a 52 week low of $4.98 and a 52 week high of $40.46. The stock has a market capitalization of $1.00 billion, a PE ratio of -8.47 and a beta of 10.40.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings data on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%. The firm had revenue of $12.06 million for the quarter, compared to the consensus estimate of $14.60 million. During the same quarter last year, the company posted ($1.84) earnings per share. On average, sell-side analysts predict that Sharplink Gaming will post 0.15 earnings per share for the current year.

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.