Sharplink Gaming (NASDAQ:SBET) Releases Earnings Results, Misses Expectations By $1.90 EPS

Sharplink Gaming (NASDAQ:SBET) announced its quarterly earnings data on Friday. The company reported ($1.88) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($1.90), FiscalAI reports. 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 $11.53 million during the quarter, compared to the consensus estimate of $12.26 million.

Sharplink Gaming Trading Up 2.2%

Shares of SBET traded up $0.14 during midday trading on Friday, hitting $6.43. 4,926,644 shares of the company’s stock traded hands, compared to its average volume of 8,111,213. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -10.72 and a beta of 10.48. Sharplink Gaming has a 1 year low of $4.46 and a 1 year high of $28.26. The firm’s fifty day moving average is $5.65 and its 200-day moving average is $6.73.

Insider Buying and Selling

In related news, Director Robert M. Gutkowski sold 12,892 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $7.41, for a total transaction of $95,529.72. Following the transaction, the director directly owned 24,998 shares of the company’s stock, valued at $185,235.18. This represents a 34.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Obie Mckenzie sold 12,892 shares of the stock in a transaction dated 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 owned 24,998 shares of the company’s stock, valued at approximately $185,235.18. This trade represents a 34.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,676 shares of company stock worth $286,589 in the last ninety days. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Sharplink Gaming

Several hedge funds have recently modified their holdings of SBET. Ausdal Financial Partners Inc. grew its holdings in shares of Sharplink Gaming by 16.1% during the fourth quarter. Ausdal Financial Partners Inc. now owns 11,606 shares of the company’s stock valued at $104,000 after buying an additional 1,606 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Sharplink Gaming by 4.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 45,305 shares of the company’s stock valued at $405,000 after acquiring an additional 1,838 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Sharplink Gaming in the 3rd quarter worth $49,000. Arete Wealth Advisors LLC raised its stake in Sharplink Gaming by 6.9% in the 4th quarter. Arete Wealth Advisors LLC now owns 55,249 shares of the company’s stock worth $494,000 after acquiring an additional 3,585 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Sharplink Gaming by 20.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,405 shares of the company’s stock worth $245,000 after acquiring an additional 4,605 shares during the period. Institutional investors and hedge funds own 13.75% of the company’s stock.

Analysts Set New Price Targets

SBET has been the subject of a number of research analyst reports. Wall Street Zen raised Sharplink Gaming from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Alliance Global Partners reissued a “buy” rating on shares of Sharplink Gaming in a research report on Monday, May 11th. Cantor Fitzgerald cut their price target on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings upgraded Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, Citizens Jmp lowered their price objective on shares of Sharplink Gaming to $30.00 and set a “market outperform” rating for the company in a research note on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.90.

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.