Sharplink Gaming Target of Unusually High Options Trading (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) was the target of unusually large options trading on Monday. Stock investors bought 43,268 call options on the company. This represents an increase of approximately 72% compared to the typical volume of 25,161 call options.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SBET shares. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. Citigroup restated a “market outperform” rating on shares of Sharplink Gaming in a research note on Thursday, July 9th. HC Wainwright assumed coverage on shares of Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. Weiss Ratings upgraded Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Finally, Citizens Jmp decreased their price target on Sharplink Gaming to $30.00 and set a “market outperform” rating on the stock in a report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.23.

Insiders Place Their Bets

In other news, Director Leslie Bernhard 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 value of $95,529.72. Following the transaction, the director owned 24,998 shares of the company’s stock, valued at $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. This represents a 34.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 38,676 shares of company stock worth $286,589 over the last quarter. 3.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Sharplink Gaming

Several hedge funds have recently bought and sold shares of SBET. Alyeska Investment Group L.P. boosted its holdings 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 purchasing an additional 1,769,589 shares during the last quarter. Weiss Asset Management LP increased its holdings in shares of Sharplink Gaming by 19.1% in the first quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after purchasing an additional 488,247 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Sharplink Gaming by 165.9% in the fourth quarter. Invesco Ltd. now owns 2,734,052 shares of the company’s stock worth $24,442,000 after purchasing an additional 1,706,011 shares during the last quarter. Vanguard Group Inc. purchased a new stake in shares of Sharplink Gaming in the third quarter worth about $46,447,000. Finally, Voloridge Investment Management LLC lifted its position in shares of Sharplink Gaming by 344.4% in the fourth quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after buying an additional 2,101,252 shares in the last quarter. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Price Performance

Shares of SBET opened at $6.27 on Wednesday. The firm has a market cap of $1.27 billion, a P/E ratio of -10.45 and a beta of 10.45. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $29.79. The company has a 50 day simple moving average of $5.69 and a two-hundred day simple moving average of $7.07.

Sharplink Gaming (NASDAQ:SBET) last released its earnings results on Friday, May 8th. The company reported ($3.25) 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 company had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. During the same period last year, the firm posted ($1.84) EPS. On average, sell-side analysts anticipate that Sharplink Gaming will post 0.11 earnings per share for the current year.

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.