Lakewood Capital Management LP Purchases New Position in Sharplink Gaming Inc. $SBET

Lakewood Capital Management LP acquired a new stake in Sharplink Gaming Inc. (NASDAQ:SBET) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 559,000 shares of the company’s stock, valued at approximately $2,683,000.

Other hedge funds also recently made changes to their positions in the company. Ausdal Financial Partners Inc. lifted its holdings in shares of Sharplink Gaming by 16.1% in the 4th quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock valued at $104,000 after purchasing an additional 1,606 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Sharplink Gaming by 4.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock worth $405,000 after buying an additional 1,838 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Sharplink Gaming during the 3rd quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sharplink Gaming by 23.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,600 shares of the company’s stock worth $139,000 after buying an additional 2,946 shares during the period. Finally, Arete Wealth Advisors LLC increased its position in Sharplink Gaming by 6.9% during the fourth quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock worth $494,000 after buying an additional 3,585 shares during the period. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Stock Up 4.6%

Shares of SBET stock opened at $8.27 on Tuesday. The stock’s 50-day moving average price is $5.92 and its 200 day moving average price is $6.51. The stock has a market capitalization of $1.80 billion, a PE ratio of 165.40 and a beta of 10.48. Sharplink Gaming Inc. has a 52-week low of $4.46 and a 52-week high of $20.41.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%.The company had revenue of $11.53 million for the quarter, compared to analyst estimates of $12.26 million. Analysts expect that Sharplink Gaming Inc. will post 0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SBET. Cantor Fitzgerald decreased their price objective on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Canaccord Genuity Group lowered their target price on shares of Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, August 18th. Wall Street Zen cut shares of Sharplink Gaming from a “hold” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings upgraded shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Finally, TD Cowen reiterated a “buy” rating and set a $13.00 price target (down from $16.00) on shares of Sharplink Gaming in a research note on Friday, July 31st. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.01.

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.