Sharplink Gaming (NASDAQ:SBET) Shares Gap Down – Should You Sell?

Sharplink Gaming Inc. (NASDAQ:SBET)’s share price gapped down before the market opened on Monday . The stock had previously closed at $7.99, but opened at $7.60. Sharplink Gaming shares last traded at $7.6350, with a volume of 1,118,570 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SBET. B. Riley Financial cut their price objective on shares of Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Cantor Fitzgerald raised shares of Sharplink Gaming to a “strong-buy” rating in a research report on Thursday, April 9th. Wall Street Zen raised shares of Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. HC Wainwright started coverage on Sharplink Gaming in a report on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a research report on Tuesday, March 17th. 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 assigned a Sell rating to the stock. According to MarketBeat.com, Sharplink Gaming has an average rating of “Moderate Buy” and a consensus price target of $22.11.

Sharplink Gaming Stock Down 5.6%

The stock has a market capitalization of $1.49 billion, a P/E ratio of -3.16 and a beta of 11.31. The business’s 50 day simple moving average is $7.04 and its two-hundred day simple moving average is $9.80.

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

Hedge Funds Weigh In On Sharplink Gaming

Large investors have recently added to or reduced their stakes in the business. APEIRON CAPITAL Ltd bought a new position in Sharplink Gaming in the 3rd quarter valued at about $23,038,000. CloudAlpha Capital Management Limited Hong Kong bought a new position in Sharplink Gaming in the 3rd quarter valued at about $30,812,000. Wealth Enhancement Advisory Services LLC bought a new position in Sharplink Gaming in the 3rd quarter valued at about $2,190,000. BIT Capital GmbH lifted its position in Sharplink Gaming by 103.5% in the 3rd quarter. BIT Capital GmbH now owns 1,215,819 shares of the company’s stock valued at $20,681,000 after acquiring an additional 618,508 shares in the last quarter. Finally, MMCAP International Inc. SPC bought a new position in Sharplink Gaming in the 3rd quarter valued at about $8,483,000. Institutional investors own 13.75% of the company’s stock.

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.