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

Sharplink Gaming Inc. (NASDAQ:SBET) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.08, but opened at $7.55. Sharplink Gaming shares last traded at $7.3660, with a volume of 3,414,093 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SBET. Cantor Fitzgerald lowered their price objective on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Citizens Jmp lowered their price objective on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Finally, TD Cowen reissued a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.01.

Sharplink Gaming Price Performance

The stock has a market capitalization of $1.60 billion, a P/E ratio of 146.90 and a beta of 10.48. The stock’s fifty day moving average price is $5.78 and its 200 day moving average price is $6.51.

Sharplink Gaming (NASDAQ:SBET) last announced its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($1.89). The firm had revenue of $11.53 million during the quarter, compared to the consensus estimate of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. On average, sell-side analysts expect that Sharplink Gaming Inc. will post 0.09 earnings per share for the current year.

Institutional Investors Weigh In On Sharplink Gaming

A number of institutional investors and hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. raised its stake in shares of Sharplink Gaming by 70.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,268,673 shares of the company’s stock valued at $38,162,000 after buying an additional 1,769,589 shares during the last quarter. Weiss Asset Management LP raised its holdings in shares of Sharplink Gaming by 19.1% during the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after acquiring an additional 488,247 shares during the period. Invesco Ltd. raised its position in Sharplink Gaming by 165.9% in the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock valued at $24,442,000 after purchasing an additional 1,706,011 shares during the period. Vanguard Group Inc. purchased a new stake in Sharplink Gaming in the 3rd quarter valued at about $46,447,000. Finally, Voloridge Investment Management LLC raised its stake in shares of Sharplink Gaming by 344.4% in the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock valued at $24,240,000 after acquiring an additional 2,101,252 shares during the period. Institutional investors and hedge funds own 13.75% of the company’s stock.

About Sharplink Gaming

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.