Cubist Systematic Strategies LLC Reduces Position in Rush Street Interactive, Inc. (NYSE:RSI)

Cubist Systematic Strategies LLC cut its holdings in shares of Rush Street Interactive, Inc. (NYSE:RSI) by 70.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,545 shares of the company’s stock after selling 393,195 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.07% of Rush Street Interactive worth $1,578,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RSI. Vanguard Group Inc. lifted its holdings in Rush Street Interactive by 1.6% in the first quarter. Vanguard Group Inc. now owns 5,481,219 shares of the company’s stock valued at $35,683,000 after acquiring an additional 85,736 shares during the period. SG Americas Securities LLC bought a new position in Rush Street Interactive in the second quarter valued at about $1,565,000. Acadian Asset Management LLC bought a new position in Rush Street Interactive in the second quarter valued at about $587,000. Nomura Holdings Inc. lifted its holdings in Rush Street Interactive by 24.7% in the fourth quarter. Nomura Holdings Inc. now owns 4,184,373 shares of the company’s stock valued at $18,788,000 after acquiring an additional 828,984 shares during the period. Finally, ClariVest Asset Management LLC bought a new position in Rush Street Interactive in the second quarter valued at about $701,000. 24.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RSI shares. Craig Hallum increased their target price on Rush Street Interactive from $11.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company raised their price objective on Rush Street Interactive from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Needham & Company LLC raised their price objective on Rush Street Interactive from $10.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Oppenheimer raised their price objective on Rush Street Interactive from $10.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.17.

Rush Street Interactive Trading Down 5.1 %

Shares of RSI opened at $10.30 on Wednesday. The business’s 50 day moving average is $9.74 and its 200 day moving average is $8.68. The company has a market capitalization of $2.32 billion, a PE ratio of -60.56 and a beta of 1.78. Rush Street Interactive, Inc. has a 12-month low of $3.17 and a 12-month high of $11.59.

Rush Street Interactive (NYSE:RSI) last issued its earnings results on Wednesday, July 31st. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.06. The company had revenue of $220.38 million for the quarter, compared to the consensus estimate of $201.37 million. Rush Street Interactive had a negative return on equity of 12.45% and a negative net margin of 0.84%. The firm’s quarterly revenue was up 33.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) EPS. Equities research analysts predict that Rush Street Interactive, Inc. will post -0.01 earnings per share for the current year.

Insider Activity at Rush Street Interactive

In related news, CEO Richard Todd Schwartz sold 78,593 shares of Rush Street Interactive stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $9.56, for a total transaction of $751,349.08. Following the sale, the chief executive officer now owns 1,984,404 shares of the company’s stock, valued at approximately $18,970,902.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 78,593 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $9.56, for a total transaction of $751,349.08. Following the completion of the transaction, the chief executive officer now owns 1,984,404 shares in the company, valued at approximately $18,970,902.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kyle Sauers sold 108,682 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $9.50, for a total value of $1,032,479.00. Following the transaction, the chief financial officer now owns 441,492 shares of the company’s stock, valued at approximately $4,194,174. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 548,210 shares of company stock valued at $5,179,362. 56.89% of the stock is owned by company insiders.

About Rush Street Interactive

Rush Street Interactive, Inc operates as an online casino and sports betting company in the United States, Canada, Mexico, and rest of Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the company offers full suite of games comprising of bricks-and-mortar casinos, table games, and slot machines.