Sharplink Gaming Sees Unusually High Options Volume (NASDAQ:SBET)

Sharplink Gaming Inc. (NASDAQ:SBET) saw unusually large options trading activity on Friday. Stock traders bought 33,831 call options on the stock. This represents an increase of approximately 37% compared to the average daily volume of 24,626 call options.

Sharplink Gaming Stock Up 5.3%

Shares of NASDAQ SBET opened at $8.88 on Friday. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 177.60 and a beta of 10.56. Sharplink Gaming has a 52 week low of $4.46 and a 52 week high of $19.53. The firm has a 50-day moving average price of $6.89 and a 200 day moving average price of $6.69.

Sharplink Gaming (NASDAQ:SBET) last issued its earnings results on Saturday, August 8th. The company reported ($1.88) earnings per share for the quarter, missing the consensus estimate 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. Equities research analysts expect that Sharplink Gaming will post 0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SBET. 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. Cantor Fitzgerald raised their price objective on shares of Sharplink Gaming from $8.30 to $17.00 and gave the company an “overweight” rating in a research report on Thursday. Wall Street Zen raised Sharplink Gaming from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Citizens Jmp cut their target price on Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.50.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds have recently bought and sold shares of SBET. Vanguard Group Inc. purchased a new position in shares of Sharplink Gaming in the third quarter valued at $46,447,000. Alyeska Investment Group L.P. purchased a new stake in shares of Sharplink Gaming in the 3rd quarter worth about $42,509,000. Voloridge Investment Management LLC boosted its position in shares of Sharplink Gaming by 344.4% in the 4th quarter. Voloridge Investment Management LLC now owns 2,711,424 shares of the company’s stock worth $24,240,000 after buying an additional 2,101,252 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Sharplink Gaming in the 1st quarter valued at about $11,691,000. Finally, Tidal Investments LLC acquired a new stake in Sharplink Gaming in the 3rd quarter valued at about $30,283,000. 13.75% of the stock is 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. 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.