Sharplink Gaming (NASDAQ:SBET) Shares Up 8.1% – Should You Buy?

Sharplink Gaming Inc. (NASDAQ:SBET) traded up 8.1% during trading on Thursday . The stock traded as high as $8.69 and last traded at $8.7550. Approximately 2,403,262 shares were traded during mid-day trading, a decline of 70% from the average session volume of 8,005,889 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

SBET has been the subject of a number of research analyst reports. TD Cowen reaffirmed 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. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Canaccord Genuity Group lowered their price target on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, August 18th. Citizens Jmp dropped their price objective on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Finally, Wall Street Zen raised Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sharplink Gaming currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.39.

Sharplink Gaming Trading Down 3.3%

The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 173.60 and a beta of 10.56. The stock’s 50 day moving average is $6.53 and its 200 day moving average is $6.62.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SBET. Caitong International Asset Management Co. Ltd purchased a new stake in Sharplink Gaming in the 3rd quarter valued at approximately $49,000. Empowered Funds LLC purchased a new position in Sharplink Gaming during the fourth quarter worth $56,000. Independent Financial Group LLC purchased a new position in Sharplink Gaming during the first quarter worth $65,000. Ameritas Advisory Services LLC acquired a new position in shares of Sharplink Gaming in the second quarter worth $66,000. Finally, Koshinski Asset Management Inc. acquired a new position in shares of Sharplink Gaming in the first quarter worth $71,000. 13.75% of the stock is currently owned by institutional investors and hedge funds.

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.