Sharplink Gaming (NASDAQ:SBET) Rating Lowered to “Sell” at Wall Street Zen

Sharplink Gaming (NASDAQ:SBET) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other analysts also recently weighed in on SBET. B. Riley Financial decreased their price target on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a report on Tuesday, March 17th. Weiss Ratings downgraded shares of Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Citizens Jmp decreased their price objective on shares of Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. Finally, HC Wainwright assumed coverage on shares of Sharplink Gaming in a research report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.11.

Sharplink Gaming Stock Performance

Shares of SBET opened at $5.29 on Friday. The company has a market capitalization of $1.04 billion, a P/E ratio of -8.82 and a beta of 10.39. Sharplink Gaming has a one year low of $5.06 and a one year high of $40.46. The stock has a 50-day moving average price of $6.54 and a 200 day moving average price of $7.79.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Friday, May 8th. The company reported ($3.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The business had revenue of $12.06 million for the quarter, compared to analysts’ expectations of $14.60 million. During the same quarter in the prior year, the firm earned ($1.84) earnings per share. As a group, equities research analysts forecast that Sharplink Gaming will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Leslie Bernhard sold 12,892 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total transaction of $95,529.72. Following the sale, the director owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert M. Gutkowski sold 12,892 shares of the firm’s 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 in the company, valued at $185,235.18. This represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 38,676 shares of company stock worth $286,589. 3.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sharplink Gaming

Several institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sharplink Gaming during the 3rd quarter worth approximately $49,000. Empowered Funds LLC acquired a new position in Sharplink Gaming during the 4th quarter valued at approximately $56,000. Independent Financial Group LLC acquired a new position in Sharplink Gaming during the 1st quarter valued at approximately $65,000. Koshinski Asset Management Inc. bought a new position in Sharplink Gaming during the 1st quarter worth $71,000. Finally, SummitTX Capital L.P. bought a new position in Sharplink Gaming during the 1st quarter worth $73,000. 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.