Rush Street Interactive (NYSE:RSI) Shares Down 5.2% – Here’s What Happened

Rush Street Interactive, Inc. (NYSE:RSI) dropped 5.2% during trading on Friday. The company traded as low as $19.25 and last traded at $19.2580. Approximately 818,925 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 2,458,373 shares. The stock had previously closed at $20.32.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RSI shares. Citigroup reissued a “market outperform” rating on shares of Rush Street Interactive in a research report on Tuesday, September 22nd. Stifel Nicolaus started coverage on Rush Street Interactive in a research report on Monday, September 21st. They set a “buy” rating and a $34.00 target price on the stock. Wells Fargo & Company boosted their target price on Rush Street Interactive from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. Benchmark upped their target price 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, Needham & Company LLC raised their price target on Rush Street Interactive from $33.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Rush Street Interactive presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.20.

Rush Street Interactive Stock Down 5.0%

The firm has a market capitalization of $4.47 billion, a PE ratio of 66.48 and a beta of 1.71. The business’s fifty day moving average price is $24.35 and its 200 day moving average price is $26.28.

Rush Street Interactive (NYSE:RSI) last released its quarterly 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 firm had revenue of $393.78 million for the quarter, compared to analyst estimates 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 was up 46.3% on a year-over-year basis. During the same quarter last year, the company posted $0.11 earnings per share. On average, analysts anticipate that Rush Street Interactive, Inc. will post 0.49 earnings per share for the current year.

Insider Buying and Selling at Rush Street Interactive

In other news, CEO Richard Schwartz sold 111,112 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer owned 421,258 shares in the company, valued at $11,803,649.16. This represents a 20.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $513,600.00. Following the sale, the chief operating officer directly owned 157,874 shares of the company’s stock, valued at approximately $4,054,204.32. This represents a 11.24% decrease in their ownership of the stock. 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 ninety days, insiders have sold 603,998 shares of company stock worth $14,814,268. 52.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in shares of Rush Street Interactive in the 2nd quarter worth $35,000. CoreCap Advisors LLC acquired a new position in shares of Rush Street Interactive during the second quarter worth about $54,000. Allworth Financial LP purchased a new position in Rush Street Interactive during the second quarter worth about $57,000. Integrated Wealth Concepts LLC purchased a new position in Rush Street Interactive during the second quarter worth about $70,000. Finally, Quantbot Technologies LP acquired a new stake in Rush Street Interactive in the second quarter valued at about $98,000. 24.78% of the stock is 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.