Sharplink Gaming (NASDAQ:SBET) Stock Price Down 7.3% on Insider Selling

Sharplink Gaming Inc. (NASDAQ:SBET) shares traded down 7.3% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $7.76 and last traded at $7.7970. 4,552,809 shares traded hands during trading, a decline of 43% from the average session volume of 8,048,812 shares. The stock had previously closed at $8.41.

Specifically, Director Joseph Lubin sold 5,676,952 shares of the firm’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $8.39, for a total value of $47,629,627.28. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. TD Cowen reaffirmed a “buy” rating and issued a $13.00 target price (down from $16.00) on shares of Sharplink Gaming in a research report on Friday, July 31st. B. Riley Financial reissued a “buy” rating and set a $14.00 price target (up from $12.00) on shares of Sharplink Gaming in a report on Tuesday, September 22nd. Canaccord Genuity Group lowered their price target on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, August 18th. Wall Street Zen upgraded Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sharplink Gaming in a report on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Sharplink Gaming Trading Down 7.3%

The company’s 50 day moving average price is $8.31 and its two-hundred day moving average price is $6.95. The stock has a market cap of $1.69 billion, a P/E ratio of 157.04 and a beta of 10.60.

Sharplink Gaming (NASDAQ:SBET) last posted its quarterly earnings data on Saturday, August 8th. The company reported ($1.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($1.89). The business had revenue of $11.53 million during the quarter, compared to analysts’ expectations of $12.26 million. Sharplink Gaming had a negative return on equity of 33.40% and a negative net margin of 3,406.29%. On average, sell-side analysts anticipate that Sharplink Gaming Inc. will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SBET. CI Investments Inc. increased its position in Sharplink Gaming by 35.6% in the first quarter. CI Investments Inc. now owns 15,135 shares of the company’s stock worth $98,000 after buying an additional 3,977 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Sharplink Gaming by 355.7% in the third quarter. GAMMA Investing LLC now owns 6,116 shares of the company’s stock worth $57,000 after buying an additional 4,774 shares during the period. Independent Financial Group LLC purchased a new position in shares of Sharplink Gaming during the 1st quarter valued at about $65,000. Koshinski Asset Management Inc. purchased a new position in shares of Sharplink Gaming during the 1st quarter valued at about $71,000. Finally, Galvin Gaustad & Stein LLC purchased a new position in shares of Sharplink Gaming during the 3rd quarter valued at about $102,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. (NASDAQ: SBET) is a technology and digital marketing company serving the online sports betting and iGaming industries. Its platform is designed to help sportsbook and casino operators acquire, engage and retain customers through performance marketing, affiliate partnerships, data-driven campaigns and conversion tools.

The company has historically focused on connecting sports audiences with licensed online betting and gaming operators, supporting customer referral programs and related marketing initiatives.