Renaissance Technologies LLC Makes New $11.69 Million Investment in Sharplink Gaming Inc. $SBET

Renaissance Technologies LLC purchased a new stake in Sharplink Gaming Inc. (NASDAQ:SBET) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,812,506 shares of the company’s stock, valued at approximately $11,691,000. Renaissance Technologies LLC owned about 0.92% of Sharplink Gaming at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SBET. Vanguard Group Inc. acquired a new stake in shares of Sharplink Gaming during the third quarter worth $46,447,000. Alyeska Investment Group L.P. purchased a new stake in Sharplink Gaming during the third quarter worth about $42,509,000. Voloridge Investment Management LLC grew its holdings 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 valued at $24,240,000 after purchasing an additional 2,101,252 shares during the last quarter. Tidal Investments LLC purchased a new position in Sharplink Gaming during the 3rd quarter valued at about $30,283,000. Finally, Weiss Asset Management LP raised its holdings in shares of Sharplink Gaming by 220.0% in the fourth quarter. Weiss Asset Management LP now owns 2,554,301 shares of the company’s stock worth $22,835,000 after acquiring an additional 1,755,973 shares during the last quarter. 13.75% of the stock is owned by institutional investors and hedge funds.

Sharplink Gaming Price Performance

Sharplink Gaming stock opened at $6.12 on Friday. The firm has a 50 day simple moving average of $5.63 and a 200-day simple moving average of $6.88. The stock has a market capitalization of $1.24 billion, a PE ratio of -10.20 and a beta of 10.45. Sharplink Gaming Inc. has a 12-month low of $4.46 and a 12-month high of $28.26.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.62) by ($2.63). The business had revenue of $12.06 million during the quarter, compared to analyst estimates 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 period in the previous year, the company posted ($1.84) earnings per share. On average, analysts forecast that Sharplink Gaming Inc. will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the transaction, the director owned 24,998 shares in the company, valued at approximately $185,235.18. This represents a 34.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Obie Mckenzie sold 12,892 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 38,676 shares of company stock valued at $286,589. Company insiders own 3.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SBET. TD Cowen reissued a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research report on Friday. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Citigroup reiterated a “market outperform” rating on shares of Sharplink Gaming in a research note on Thursday, July 9th. Finally, Cantor Fitzgerald lowered their price objective on shares of Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.90.

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.