Sharplink Gaming (NASDAQ:SBET) Reaches New 12-Month Low – Time to Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) shares reached a new 52-week low on Tuesday . The company traded as low as $5.03 and last traded at $5.0970, with a volume of 802831 shares. The stock had previously closed at $5.31.

Analysts Set New Price Targets

Several equities research analysts recently commented on SBET shares. Canaccord Genuity Group reissued a “buy” rating and issued a $16.00 price target on shares of Sharplink Gaming in a research note on Tuesday, March 17th. Cantor Fitzgerald raised shares of Sharplink Gaming to a “strong-buy” rating in a research report on Thursday, April 9th. HC Wainwright assumed coverage on shares of Sharplink Gaming in a research note on Tuesday, April 7th. They set a “buy” rating and a $10.00 price target on the stock. Weiss Ratings lowered shares of Sharplink Gaming from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.11.

Sharplink Gaming Trading Down 5.2%

The company’s fifty day moving average is $6.52 and its 200-day moving average is $7.75. The firm has a market capitalization of $992.95 million, a P/E ratio of -8.38 and a beta of 10.40.

Sharplink Gaming (NASDAQ:SBET) last released its earnings results on Friday, May 8th. The company reported ($3.25) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $12.06 million for the quarter, compared to analyst estimates of $14.60 million. During the same period in the prior year, the firm earned ($1.84) EPS. On average, equities research analysts anticipate that Sharplink Gaming Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert M. Gutkowski 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 owned 24,998 shares in the company, valued at $185,235.18. This represents a 34.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leslie Bernhard sold 12,892 shares of the firm’s 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 completion of the sale, the director directly owned 24,998 shares in the company, valued at $185,235.18. This trade represents a 34.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 38,676 shares of company stock valued at $286,589. Insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Sharplink Gaming

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new position in Sharplink Gaming during the 3rd quarter valued at $49,000. Empowered Funds LLC acquired a new stake in Sharplink Gaming in the 4th quarter worth $56,000. Independent Financial Group LLC bought a new position in shares of Sharplink Gaming during the 1st quarter worth about $65,000. Koshinski Asset Management Inc. bought a new position in shares of Sharplink Gaming during the 1st quarter worth about $71,000. Finally, SummitTX Capital L.P. acquired a new position in shares of Sharplink Gaming during the first quarter valued at about $73,000. Institutional investors and hedge funds own 13.75% 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.