Rush Street Interactive (NYSE:RSI) Shares Up 4.4% – Here’s Why

Rush Street Interactive, Inc. (NYSE:RSI)’s share price traded up 4.4% during trading on Tuesday. The company traded as high as $19.44 and last traded at $19.5380. Approximately 1,099,062 shares changed hands during trading, a decline of 56% from the average daily volume of 2,471,495 shares. The stock had previously closed at $18.71.

Wall Street Analysts Forecast Growth

RSI has been the topic of a number of recent research reports. New Street Research set a $35.00 target price on shares of Rush Street Interactive in a report on Thursday, July 23rd. Needham & Company LLC boosted their price objective on shares of Rush Street Interactive from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Stifel Nicolaus initiated coverage on shares of Rush Street Interactive in a research note on Monday, September 21st. They set a “buy” rating and a $34.00 price objective on the stock. Benchmark upped their price objective on shares of Rush Street Interactive from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Rush Street Interactive from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $34.20.

Rush Street Interactive Price Performance

The company has a 50-day moving average of $23.66 and a two-hundred day moving average of $26.19. The stock has a market capitalization of $4.30 billion, a PE ratio of 63.93 and a beta of 1.71.

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

Insider Activity at Rush Street Interactive

In related news, Director Jack Markell bought 1,500 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was purchased at an average cost of $19.35 per share, for a total transaction of $29,025.00. Following the completion of the acquisition, the director owned 18,883 shares in the company, valued at $365,386.05. This trade represents a 8.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Mattias Stetz sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $19.87, for a total transaction of $397,400.00. Following the transaction, the chief operating officer directly owned 137,874 shares of the company’s stock, valued at $2,739,556.38. This trade represents a 12.67% decrease in their position. 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 sold a total of 603,998 shares of company stock valued at $14,814,268 over the last three months. Insiders own 52.89% of the company’s stock.

Institutional Trading of Rush Street Interactive

Institutional investors and hedge funds have recently made changes to their positions in the company. First Citizens Bank & Trust Co. purchased a new stake in Rush Street Interactive during the third quarter worth approximately $212,000. CoreCap Advisors LLC increased its position in shares of Rush Street Interactive by 629.6% in the third quarter. CoreCap Advisors LLC now owns 13,132 shares of the company’s stock worth $267,000 after acquiring an additional 11,332 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Rush Street Interactive in the 2nd quarter valued at $1,323,000. Integrated Wealth Concepts LLC purchased a new position in shares of Rush Street Interactive in the 2nd quarter valued at $70,000. Finally, Allworth Financial LP raised its stake in shares of Rush Street Interactive by 38.1% in the 2nd quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock valued at $57,000 after acquiring an additional 529 shares during the period. 24.78% of the stock is currently owned by institutional investors and hedge funds.

About Rush Street Interactive

Rush Street Interactive, Inc is an online gaming and sports betting company that operates regulated internet casino and sportsbook platforms. Its consumer-facing brands include BetRivers and PlaySugarHouse, which offer online casino games, sports wagering, and related digital gaming services where permitted by local regulations.

The company serves customers in multiple regulated markets across the United States and Latin America. Its operations have included online sports betting and casino gaming in U.S.