Is SBET still undervalued?

**SharpLink Gaming (SBET) is not undervalued at this time**. Here's why:

1. **High Valuation Ratios**: SBET's P/E ratio is -799.77, which indicates that the company is not profitable as the net income is negative. The P/S ratio is 752.53, which is significantly higher than the industry average, suggesting that the market is currently valuing the company's sales at a premium compared to its peers.

|code|Ticker|Name|Date|P/E(TTM)|P/S|Price to Book Ratio|market_code|
|---|---|---|---|---|---|---|---|
|SBET|SBET.O|SharpLink Gaming|20240725|2.336247|0.5555949720470587|0.7307131212315209|186|
|SBET|SBET.O|SharpLink Gaming|20240726|2.185521|0.5197501351407967|0.683570339216584|186|
|SBET|SBET.O|SharpLink Gaming|20240729|2.298566|0.5466337628204931|0.7189274257277867|186|
|SBET|SBET.O|SharpLink Gaming|20240730|2.385233|0.5672445440415937|0.7460345253863754|186|
|SBET|SBET.O|SharpLink Gaming|20240731|2.449291|0.5824785997267551|0.7660702077427236|186|
|SBET|SBET.O|SharpLink Gaming|20240801|2.449291|0.5824785997267551|0.7660702077427236|186|
|SBET|SBET.O|SharpLink Gaming|20240802|2.340015|0.5564910929697152|0.7318916907818943|186|
|SBET|SBET.O|SharpLink Gaming|20240805|2.336247|0.5555949720470587|0.7307131212315209|186|
|SBET|SBET.O|SharpLink Gaming|20240806|2.449291|0.5824785997267551|0.7660702077427236|186|
|SBET|SBET.O|SharpLink Gaming|20240807|2.449291|0.5824785997267551|0.7660702077427236|186|

2. **Ethereum Holdings**: While SBET's aggressive Ethereum acquisitions have led to a significant increase in its stock price, the focus on Ethereum over its core business operations raises concerns about sustainability and valuation. The company's Ethereum holdings are valued at approximately $1.3 billion, which is a substantial portion of its treasury strategy. However, this concentration on a single asset class could pose risks if the Ethereum market experiences volatility.
3. **Financial Performance**: SBET's financial performance is under distress, with a net income of -$974,901 and a diluted EPS of -$1.84 for the latest quarter. The company has also experienced a revenue decline of 24% year-over-year.
4. **Market Sentiment**: Despite a recent surge in its Ethereum holdings, which has led to a significant increase in its stock price, the company's focus on Ethereum acquisitions over its core business operations raises concerns about its sustainability and valuation. The net fund outflow of $31.48 million could indicate that investors are skeptical about the company's long-term prospects.
5. **Regulatory Environment**: The recent regulatory clarity in the United States for digital assets could provide a favorable environment for companies like SBET, but it is not a guarantee of profitability or positive market performance.

In conclusion, while SBET's stock price has surged due to its Ethereum holdings, the high valuation ratios, negative net income, and concerns about sustainability suggest that the company is not undervalued at this time. Investors should exercise caution and consider these factors before making a purchase decision.