Rush Street Interactive (NYSE:RSI) Raised to Buy at Wall Street Zen

Rush Street Interactive (NYSE:RSI) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

RSI has been the subject of several other reports. Jefferies Financial Group reissued a “buy” rating and set a $39.00 price objective on shares of Rush Street Interactive in a report on Thursday, July 30th. Needham & Company LLC boosted their target price on Rush Street Interactive from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings cut Rush Street Interactive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 1st. Benchmark upped their price target on Rush Street Interactive from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. increased their price target on Rush Street Interactive from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.22.

Rush Street Interactive Stock Performance

RSI opened at $26.22 on Friday. Rush Street Interactive has a fifty-two week low of $15.51 and a fifty-two week high of $34.53. The firm has a 50-day moving average of $28.23 and a 200 day moving average of $26.15. The firm has a market cap of $6.08 billion, a P/E ratio of 90.43 and a beta of 1.51.

Rush Street Interactive (NYSE:RSI) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, hitting the consensus estimate of $0.15. Rush Street Interactive had a net margin of 2.33% and a return on equity of 18.88%. The business had revenue of $393.78 million for the quarter, compared to analyst estimates of $367.75 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s revenue for the quarter was up 46.3% on a year-over-year basis. Equities research analysts predict that Rush Street Interactive will post 0.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Rush Street Interactive

In other Rush Street Interactive news, COO Mattias Stetz sold 20,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.68, for a total transaction of $513,600.00. Following the sale, the chief operating officer owned 157,874 shares in the company, valued at $4,054,204.32. This represents a 11.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,110 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.69, for a total value of $2,854,415.90. Following the completion of the transaction, the chief executive officer directly owned 421,258 shares of the company’s stock, valued at $10,822,118.02. The trade was a 20.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 614,000 shares of company stock valued at $17,394,492 in the last 90 days. 52.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Rush Street Interactive during the second quarter valued at about $448,435,000. California State Teachers Retirement System lifted its holdings in shares of Rush Street Interactive by 2,755.9% in the second quarter. California State Teachers Retirement System now owns 3,692,043 shares of the company’s stock worth $109,801,000 after buying an additional 3,562,766 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Rush Street Interactive by 84.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,764,173 shares of the company’s stock valued at $60,121,000 after acquiring an additional 1,267,622 shares during the period. William Blair Investment Management LLC boosted its position in shares of Rush Street Interactive by 17.3% in the fourth quarter. William Blair Investment Management LLC now owns 2,557,778 shares of the company’s stock valued at $49,698,000 after acquiring an additional 378,002 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Rush Street Interactive by 15.9% during the first quarter. Renaissance Technologies LLC now owns 2,285,000 shares of the company’s stock valued at $49,699,000 after acquiring an additional 312,700 shares in the last quarter. Institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc (NYSE: RSI) is an online gaming and sports betting company that operates digital casino, sportsbook and related gaming platforms. Its consumer-facing brands include BetRivers and PlaySugarHouse, which offer mobile and online wagering products such as sports betting, internet casino games and, in certain markets, online poker.

The company operates primarily in regulated markets across the United States and Canada, as well as select Latin American jurisdictions.