Rush Street Interactive (NYSE:RSI) Shares Gap Up on Analyst Upgrade

Rush Street Interactive, Inc. (NYSE:RSI) gapped up before the market opened on Thursday after Craig Hallum raised their price target on the stock from $14.00 to $17.00. The stock had previously closed at $10.76, but opened at $11.45. Craig Hallum currently has a buy rating on the stock. Rush Street Interactive shares last traded at $10.57, with a volume of 691,446 shares traded.

Several other analysts have also commented on RSI. Needham & Company LLC increased their price objective on Rush Street Interactive from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer increased their price target on Rush Street Interactive from $10.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Wells Fargo & Company boosted their price target 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. Finally, Jefferies Financial Group increased their price objective on shares of Rush Street Interactive from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rush Street Interactive presently has an average rating of “Moderate Buy” and a consensus price target of $12.43.

Insider Activity

In related news, CEO Richard Todd Schwartz sold 40,498 shares of Rush Street Interactive stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $10.18, for a total transaction of $412,269.64. Following the completion of the sale, the chief executive officer now owns 1,862,997 shares of the company’s stock, valued at $18,965,309.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Richard Todd Schwartz sold 40,498 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $10.18, for a total value of $412,269.64. Following the sale, the chief executive officer now owns 1,862,997 shares in the company, valued at $18,965,309.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Judith Gold sold 150,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $9.50, for a total transaction of $1,425,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 548,210 shares of company stock valued at $5,179,362. Company insiders own 56.89% of the company’s stock.

Institutional Trading of Rush Street Interactive

A number of hedge funds have recently modified their holdings of the stock. Driehaus Capital Management LLC acquired a new position in Rush Street Interactive in the second quarter valued at approximately $10,605,000. Assenagon Asset Management S.A. increased its holdings in shares of Rush Street Interactive by 157.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,425,016 shares of the company’s stock valued at $13,666,000 after purchasing an additional 872,367 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Rush Street Interactive by 185.5% in the 2nd quarter. Marshall Wace LLP now owns 981,822 shares of the company’s stock valued at $9,416,000 after purchasing an additional 637,883 shares during the period. Millennium Management LLC boosted its holdings in Rush Street Interactive by 378.4% during the second quarter. Millennium Management LLC now owns 620,552 shares of the company’s stock worth $5,951,000 after buying an additional 490,831 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Rush Street Interactive by 47.3% during the second quarter. Renaissance Technologies LLC now owns 1,504,200 shares of the company’s stock valued at $14,425,000 after buying an additional 482,872 shares during the period. Hedge funds and other institutional investors own 24.78% of the company’s stock.

Rush Street Interactive Price Performance

The business’s fifty day simple moving average is $10.26 and its two-hundred day simple moving average is $9.29. The company has a market cap of $2.44 billion, a PE ratio of -120.22 and a beta of 1.79.

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

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.