Sharplink Gaming (NASDAQ:SBET) Stock Price Down 8.2% – Time to Sell?

Sharplink Gaming Inc. (NASDAQ:SBET) dropped 8.2% on Monday . The company traded as low as $9.70 and last traded at $9.65. Approximately 4,296,229 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 15,010,657 shares. The stock had previously closed at $10.51.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SBET shares. Alliance Global Partners started coverage on shares of Sharplink Gaming in a research report on Tuesday, August 26th. They issued a “buy” rating and a $48.00 target price on the stock. B. Riley reduced their target price on shares of Sharplink Gaming from $32.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Weiss Ratings reissued a “sell (d)” rating on shares of Sharplink Gaming in a research report on Wednesday, October 8th. Citizens Jmp initiated coverage on Sharplink Gaming in a research note on Thursday, October 16th. They issued a “mkt outperform” rating and a $50.00 price objective for the company. Finally, JMP Securities began coverage on Sharplink Gaming in a report on Thursday, October 16th. They issued a “market outperform” rating and a $50.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.20.

Sharplink Gaming Stock Performance

The company has a market capitalization of $1.83 billion, a PE ratio of -3.89 and a beta of 10.98. The firm’s 50-day simple moving average is $12.19 and its 200 day simple moving average is $17.55.

Hedge Funds Weigh In On Sharplink Gaming

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. acquired a new stake in Sharplink Gaming in the third quarter valued at $46,447,000. Marshall Wace LLP bought a new position in Sharplink Gaming during the 2nd quarter worth $26,852,000. Alyeska Investment Group L.P. bought a new position in Sharplink Gaming in the 3rd quarter worth about $42,509,000. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Sharplink Gaming in the 3rd quarter valued at approximately $30,812,000. Finally, Tidal Investments LLC acquired a new position in shares of Sharplink Gaming during the third quarter valued at $30,283,000. Hedge funds and other institutional investors own 13.75% of the company’s stock.

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.