Weiss Asset Management LP Buys 488,247 Shares of Sharplink Gaming Inc. $SBET

Weiss Asset Management LP increased its stake in Sharplink Gaming Inc. (NASDAQ:SBET) by 19.1% in the 1st quarter, Holdings Channel reports. The fund owned 3,042,548 shares of the company’s stock after buying an additional 488,247 shares during the quarter. Weiss Asset Management LP’s holdings in Sharplink Gaming were worth $19,624,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in Sharplink Gaming in the third quarter valued at $49,000. Empowered Funds LLC bought a new stake in Sharplink Gaming during the fourth quarter worth about $56,000. Independent Financial Group LLC purchased a new position in shares of Sharplink Gaming in the 1st quarter worth about $65,000. Koshinski Asset Management Inc. purchased a new position in shares of Sharplink Gaming in the 1st quarter worth about $71,000. Finally, R Squared Ltd bought a new position in shares of Sharplink Gaming during the 4th quarter valued at about $90,000. Institutional investors own 13.75% of the company’s stock.

Sharplink Gaming Stock Down 3.2%

NASDAQ SBET opened at $5.81 on Friday. The company has a 50-day simple moving average of $5.63 and a two-hundred day simple moving average of $7.02. Sharplink Gaming Inc. has a 12-month low of $4.46 and a 12-month high of $28.26. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -9.68 and a beta of 10.45.

Sharplink Gaming (NASDAQ:SBET) last released its quarterly earnings data on Friday, May 8th. The company reported ($3.25) EPS for the quarter, missing the consensus estimate of ($0.62) by ($2.63). Sharplink Gaming had a negative return on equity of 38.53% and a negative net margin of 3,604.61%.The company had revenue of $12.06 million during the quarter, compared to analysts’ expectations of $14.60 million. During the same quarter in the prior year, the firm posted ($1.84) EPS. Equities analysts expect that Sharplink Gaming Inc. will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sharplink Gaming news, Director Leslie Bernhard sold 12,892 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was 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 in the company, valued at approximately $185,235.18. The trade was a 34.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Obie Mckenzie sold 12,892 shares of the business’s stock in a transaction that occurred on 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 $185,235.18. The trade was a 34.02% decrease in their position. 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.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SBET shares. Cantor Fitzgerald decreased their price objective on Sharplink Gaming from $10.50 to $8.10 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Alliance Global Partners reaffirmed a “buy” rating on shares of Sharplink Gaming in a research note on Monday, May 11th. HC Wainwright began coverage on Sharplink Gaming in a research note on Tuesday, April 7th. They issued a “buy” rating and a $10.00 target price for the company. TD Cowen assumed coverage on shares of Sharplink Gaming in a research report on Friday, April 10th. They set a “buy” rating and a $16.00 price target on the stock. Finally, Weiss Ratings raised shares of Sharplink Gaming from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Nine 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. According to data from MarketBeat.com, Sharplink Gaming currently has an average rating of “Moderate Buy” and a consensus price target of $20.23.

Sharplink Gaming 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.