Sharplink Gaming (NASDAQ:SBET) Stock Price Down 6.5% – What’s Next?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price dropped 6.5% during mid-day trading on Thursday . The stock traded as low as $5.98 and last traded at $6.0370. Approximately 813,348 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 6,904,801 shares. The stock had previously closed at $6.46.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SBET. Canaccord Genuity Group reaffirmed a “buy” rating and set a $16.00 price target on shares of Sharplink Gaming in a report on Tuesday, March 17th. Citizens Jmp decreased their price objective 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. iA Financial set a $20.00 target price on shares of Sharplink Gaming in a report on Wednesday, January 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Sharplink Gaming in a research note on Thursday, January 22nd. Finally, Cantor Fitzgerald initiated coverage on Sharplink Gaming in a report on Monday, January 5th. They set an “overweight” rating and a $15.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Sharplink Gaming has an average rating of “Moderate Buy” and a consensus target price of $24.71.

Sharplink Gaming Price Performance

The stock has a market cap of $1.22 billion, a P/E ratio of -2.59 and a beta of 11.31. The firm’s 50-day moving average price is $7.32 and its 200-day moving average price is $10.60.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Friday, March 6th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.11. The firm had revenue of $13.31 million during the quarter, compared to analyst estimates of $17.19 million. Sharplink Gaming had a negative net margin of 2,618.38% and a negative return on equity of 50.72%.

Institutional Investors Weigh In On Sharplink Gaming

Large investors have recently made changes to their positions in the company. J. Derek Lewis & Associates Inc. purchased a new position in Sharplink Gaming during the 4th quarter valued at approximately $434,000. Hsbc Holdings PLC increased its position in Sharplink Gaming by 12.6% in the fourth quarter. Hsbc Holdings PLC now owns 99,001 shares of the company’s stock worth $867,000 after purchasing an additional 11,114 shares during the last quarter. Invesco Ltd. raised its stake in Sharplink Gaming by 165.9% during 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 in the last quarter. Empowered Funds LLC purchased a new stake in Sharplink Gaming during the fourth quarter valued at $56,000. Finally, XTX Topco Ltd bought a new position in Sharplink Gaming during the fourth quarter valued at $871,000. 13.75% of the stock is owned by institutional investors.

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.