Sharplink Gaming (NASDAQ:SBET) Posts Earnings Results, Misses Expectations By $0.01 EPS

Sharplink Gaming (NASDAQ:SBET) issued its quarterly earnings results on Friday. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01), Zacks reports. The company had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. Sharplink Gaming had a negative net margin of 3,604.61% and a negative return on equity of 38.53%.

Sharplink Gaming Price Performance

Shares of SBET stock traded up $0.14 on Friday, hitting $6.43. 4,926,644 shares of the company’s stock were exchanged, compared to its average volume of 8,111,213. Sharplink Gaming has a 12 month low of $4.46 and a 12 month high of $28.26. The stock has a market cap of $1.30 billion, a P/E ratio of -10.72 and a beta of 10.48. The company has a 50 day moving average of $5.65 and a 200 day moving average of $6.73.

Insider Buying and Selling at Sharplink Gaming

In other Sharplink Gaming news, Director Robert M. Gutkowski sold 12,892 shares of Sharplink Gaming stock in a transaction dated 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 owned 24,998 shares in the company, valued at $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leslie Bernhard sold 12,892 shares of the 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 completion of the transaction, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. This trade represents a 34.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,676 shares of company stock worth $286,589 over the last 90 days. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. increased its holdings in shares of Sharplink Gaming by 70.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock worth $38,162,000 after buying an additional 1,769,589 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of 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 acquiring an additional 1,706,011 shares in the last quarter. Vanguard Group Inc. bought a new stake in Sharplink Gaming during the 3rd quarter worth $46,447,000. Voloridge Investment Management LLC grew its position in Sharplink Gaming by 344.4% during the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after acquiring an additional 2,101,252 shares during the last quarter. Finally, Weiss Asset Management LP increased its holdings in Sharplink Gaming by 220.0% in the 4th quarter. Weiss Asset Management LP now owns 2,554,301 shares of the company’s stock worth $22,835,000 after purchasing an additional 1,755,973 shares in the last quarter. Institutional investors own 13.75% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SBET. Citizens Jmp cut their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research report on Thursday, July 9th. TD Cowen restated a “buy” rating and issued a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. Alliance Global Partners reiterated a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, Wall Street Zen upgraded shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sharplink Gaming presently has a consensus rating of “Moderate Buy” and an average target price of $19.90.

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.