Sharplink Gaming (NASDAQ:SBET) Stock Price Up 4.7% – Time to Buy?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price shot up 4.7% during mid-day trading on Tuesday . The stock traded as high as $10.75 and last traded at $10.7690. 3,999,206 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 15,463,861 shares. The stock had previously closed at $10.29.

Analyst Upgrades and Downgrades

SBET has been the topic of a number of recent analyst reports. JMP Securities initiated coverage on Sharplink Gaming in a research report on Thursday, October 16th. They set a “market outperform” rating and a $50.00 target price on the stock. Zacks Research upgraded Sharplink Gaming to a “hold” rating in a report on Friday, October 17th. Alliance Global Partners began coverage on shares of Sharplink Gaming in a report on Tuesday, August 26th. They issued a “buy” rating and a $48.00 target price for the company. Sanford C. Bernstein began coverage on shares of Sharplink Gaming in a report on Friday, October 31st. They set an “outperform” rating and a $24.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Sharplink Gaming presently has a consensus rating of “Moderate Buy” and an average target price of $38.20.

Sharplink Gaming Stock Up 3.7%

The firm has a market capitalization of $2.05 billion, a PE ratio of -2.14 and a beta of 9.98. The business’s 50-day moving average price is $15.04 and its 200-day moving average price is $18.00.

Hedge Funds Weigh In On Sharplink Gaming

Several institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC increased its stake in shares of Sharplink Gaming by 103.7% in the third quarter. NewEdge Advisors LLC now owns 20,780 shares of the company’s stock worth $353,000 after acquiring an additional 10,578 shares during the last quarter. Meteora Capital LLC acquired a new stake in Sharplink Gaming during the third quarter valued at $204,000. Alyeska Investment Group L.P. purchased a new position in Sharplink Gaming in the third quarter valued at about $42,509,000. Voloridge Investment Management LLC bought a new position in Sharplink Gaming in the 3rd quarter worth $10,379,000. Finally, Tidal Investments LLC acquired a new position in Sharplink Gaming during the 3rd quarter worth $30,283,000. 13.75% of the stock is currently owned by hedge funds and other institutional investors.

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.