Bank of New York Mellon Corp Buys 16,958 Shares of Rush Street Interactive, Inc. (NYSE:RSI)

Bank of New York Mellon Corp grew its stake in shares of Rush Street Interactive, Inc. (NYSE:RSI) by 8.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 213,320 shares of the company’s stock after acquiring an additional 16,958 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Rush Street Interactive worth $2,927,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RSI. Millrace Asset Group Inc. acquired a new stake in Rush Street Interactive in the 3rd quarter worth approximately $2,135,000. Principal Financial Group Inc. increased its position in Rush Street Interactive by 656.2% during the third quarter. Principal Financial Group Inc. now owns 77,658 shares of the company’s stock worth $843,000 after purchasing an additional 67,388 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Rush Street Interactive by 72.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company’s stock valued at $8,907,000 after buying an additional 344,276 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Rush Street Interactive in the 3rd quarter valued at $656,000. Finally, Legato Capital Management LLC acquired a new stake in shares of Rush Street Interactive in the fourth quarter valued at $1,897,000. 24.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Kyle Sauers sold 28,381 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $10.70, for a total transaction of $303,676.70. Following the completion of the sale, the chief financial officer now directly owns 470,323 shares in the company, valued at approximately $5,032,456.10. This trade represents a 5.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Einar Roosileht sold 48,968 shares of Rush Street Interactive stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.04, for a total value of $687,510.72. Following the sale, the insider now owns 830,292 shares of the company’s stock, valued at approximately $11,657,299.68. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 988,545 shares of company stock worth $13,174,489 over the last ninety days. Company insiders own 56.89% of the company’s stock.

Rush Street Interactive Price Performance

Shares of Rush Street Interactive stock opened at $10.90 on Friday. Rush Street Interactive, Inc. has a 1-year low of $5.71 and a 1-year high of $16.78. The company has a market capitalization of $2.48 billion, a P/E ratio of -544.75 and a beta of 1.92. The business’s fifty day moving average price is $13.44 and its two-hundred day moving average price is $12.41.

Analysts Set New Price Targets

RSI has been the subject of several recent analyst reports. Macquarie restated an “outperform” rating and set a $16.00 price objective on shares of Rush Street Interactive in a research report on Thursday, February 27th. Benchmark raised their price objective on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $17.00 target price on shares of Rush Street Interactive in a research report on Thursday, February 27th. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Finally, Jefferies Financial Group raised their target price on Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Rush Street Interactive has a consensus rating of “Buy” and a consensus target price of $15.50.

Rush Street Interactive Company Profile

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.