Highbridge Capital Management LLC Acquires 504,285 Shares of Sharplink Gaming Inc. $SBET

Highbridge Capital Management LLC grew its holdings in Sharplink Gaming Inc. (NASDAQ:SBET) by 5,947.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 512,764 shares of the company’s stock after acquiring an additional 504,285 shares during the quarter. Highbridge Capital Management LLC’s holdings in Sharplink Gaming were worth $4,584,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Sharplink Gaming during the third quarter worth about $49,000. IFP Advisors Inc bought a new position in shares of Sharplink Gaming during the third quarter worth about $102,000. R Squared Ltd bought a new position in shares of Sharplink Gaming during the fourth quarter worth about $90,000. Insigneo Advisory Services LLC bought a new position in shares of Sharplink Gaming during the third quarter worth about $173,000. Finally, NewEdge Advisors LLC bought a new position in shares of Sharplink Gaming during the second quarter worth about $101,000. 13.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on SBET shares. Weiss Ratings upgraded Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 27th. Cantor Fitzgerald upgraded Sharplink Gaming to a “strong-buy” rating in a report on Thursday, April 9th. B. Riley Financial decreased their price objective on Sharplink Gaming from $19.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 23rd. HC Wainwright started coverage on Sharplink Gaming in a report on Tuesday, April 7th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Citizens Jmp decreased their price objective on Sharplink Gaming from $50.00 to $40.00 and set a “market outperform” rating for the company in a report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.11.

Sharplink Gaming Stock Performance

Shares of NASDAQ SBET opened at $5.19 on Friday. The stock has a 50 day moving average price of $6.72 and a 200 day moving average price of $8.12. Sharplink Gaming Inc. has a 52 week low of $5.06 and a 52 week high of $49.52. The stock has a market capitalization of $1.02 billion, a PE ratio of -8.65 and a beta of 10.39.

Sharplink Gaming (NASDAQ:SBET) last issued its quarterly 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 net margin of 3,604.61% and a negative return on equity of 38.53%. The company had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. During the same period last year, the company posted ($1.84) earnings per share. As a group, research analysts forecast that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Insider Activity at Sharplink Gaming

In related news, 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 transaction, the director directly owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This represents a 34.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert M. Gutkowski sold 12,892 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $7.41, for a total value of $95,529.72. Following the transaction, the director directly 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 38,676 shares of company stock valued at $286,589. Insiders own 3.60% of the company’s stock.

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.