Sharplink Gaming (NASDAQ:SBET) Stock Sees Heavy Call Option Buying

Sharplink Gaming Inc. (NASDAQ:SBET) was the recipient of unusually large options trading on Monday. Traders bought 30,735 call options on the company. This is an increase of 44% compared to the typical volume of 21,328 call options.

Insider Activity at Sharplink Gaming

In other news, Director Joseph Lubin sold 5,676,952 shares of Sharplink Gaming stock in a transaction on Thursday, October 8th. The stock was 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 Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in Sharplink Gaming in the first quarter valued at approximately $11,691,000. Lakewood Capital Management LP purchased a new position in Sharplink Gaming in the 2nd quarter worth approximately $2,683,000. Bank of New York Mellon Corp purchased a new position in Sharplink Gaming in the 2nd quarter worth approximately $2,488,000. Weiss Asset Management LP grew its stake in Sharplink Gaming by 19.1% in the 1st quarter. Weiss Asset Management LP now owns 3,042,548 shares of the company’s stock worth $19,624,000 after buying an additional 488,247 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Sharplink Gaming by 56.6% in the 1st quarter. Bank of America Corp DE now owns 1,275,442 shares of the company’s stock worth $8,227,000 after buying an additional 460,991 shares during the last quarter. 13.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Canaccord Genuity Group cut their target price on Sharplink Gaming from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sharplink Gaming in a research report on Friday, October 2nd. Citigroup reiterated a “market outperform” rating on shares of Sharplink Gaming in a research report on Thursday, August 13th. Wall Street Zen upgraded shares of Sharplink Gaming from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Finally, 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, September 10th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Sharplink Gaming Stock Down 1.2%

Shares of SBET stock traded down $0.07 on Monday, reaching $6.17. The company’s stock had a trading volume of 12,554,337 shares, compared to its average volume of 8,274,181. The company has a market capitalization of $1.34 billion, a P/E ratio of 123.10 and a beta of 11.23. Sharplink Gaming has a 12-month low of $4.46 and a 12-month high of $12.58. The stock’s 50 day simple moving average is $8.39 and its 200-day simple moving average is $7.16.

Sharplink Gaming (NASDAQ:SBET) last announced its earnings results on Friday, November 6th. The company reported $3.45 earnings per share for the quarter. Sharplink Gaming had a negative return on equity of 38.70% and a negative net margin of 2,012.44%. The business had revenue of $13.46 million for the quarter, compared to analyst estimates of $10.51 million. Research analysts expect that Sharplink Gaming will post 0.12 EPS for the current year.

Sharplink Gaming Company Profile

SharpLink Gaming Ltd. is a technology and performance-marketing company serving the online sports betting and iGaming industries. The company provides customer-acquisition solutions designed to connect sports fans and gaming audiences with licensed betting and gaming operators through digital marketing, affiliate partnerships and related technology.

SharpLink’s activities have historically focused on the United States and other regulated online gaming markets, where it has supported operators with player acquisition, engagement and retention initiatives.