Rush Street Interactive (NYSE:RSI) Stock Moved Down to “Hold” by Wall Street Zen

Wall Street Zen lowered shares of Rush Street Interactive (NYSE:RSI) from a buy rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Benchmark raised 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. Stifel Nicolaus started coverage on shares of Rush Street Interactive in a report on Monday, September 21st. They issued a “buy” rating and a $34.00 price target on the stock. 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. New Street Research set a $35.00 price objective on shares of Rush Street Interactive in a report on Thursday, July 23rd. Finally, Susquehanna lowered their price objective on Rush Street Interactive from $37.00 to $27.00 and set a “positive” rating for the company in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.20.

Rush Street Interactive Stock Performance

RSI opened at $18.51 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 $23.41 and a 200 day moving average of $26.12. The firm has a market cap of $4.29 billion, a P/E ratio of 63.82 and a beta of 1.71.

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

Insider Activity at Rush Street Interactive

In related news, CFO Kyle Sauers sold 23,000 shares of Rush Street Interactive stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $26.56, for a total transaction of $610,880.00. Following the transaction, the chief financial officer owned 606,526 shares in the company, valued at approximately $16,109,330.56. The trade was a 3.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,112 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $28.02, for a total transaction of $3,113,358.24. Following the completion of the transaction, the chief executive officer directly owned 421,258 shares of the company’s stock, valued at $11,803,649.16. This represents a 20.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 603,998 shares of company stock worth $14,814,268. 52.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Rush Street Interactive during the 2nd quarter valued at approximately $448,435,000. William Blair Investment Management LLC purchased a new stake in shares of Rush Street Interactive in the second quarter worth about $48,647,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Rush Street Interactive by 84.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,764,173 shares of the company’s stock worth $60,121,000 after acquiring an additional 1,267,622 shares in the last quarter. Bank of America Corp DE bought a new position in Rush Street Interactive during the second quarter valued at $34,015,000. Finally, Cooper Creek Partners Management LLC bought a new position in shares of Rush Street Interactive in the 1st quarter valued at about $24,874,000. 24.78% of the stock is owned by hedge funds and other institutional investors.

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.