Rush Street Interactive (NYSE:RSI) Hits New 12-Month Low Following Analyst Downgrade

Rush Street Interactive, Inc. (NYSE:RSI)’s stock price hit a new 52-week low during mid-day trading on Monday after Craig Hallum downgraded the stock from a buy rating to a hold rating. Craig Hallum now has a $15.00 price target on the stock. Rush Street Interactive traded as low as $11.50 and last traded at $12.08, with a volume of 501,347 shares changing hands. The stock had previously closed at $12.12.

A number of other analysts have also commented on RSI. New Street Research set a $35.00 price target on shares of Rush Street Interactive in a research note on Thursday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Rush Street Interactive in a research report on Thursday. Stifel Nicolaus decreased their target price on shares of Rush Street Interactive from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, October 26th. Needham & Company LLC lowered their price target on Rush Street Interactive from $36.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Barclays cut their price objective on Rush Street Interactive from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.46.

Insiders Place Their Bets

In related news, CFO Kyle Sauers sold 23,000 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $20.31, for a total transaction of $467,130.00. Following the completion of the sale, the chief financial officer owned 583,526 shares in the company, valued at approximately $11,851,413.06. This trade represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack Markell bought 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The shares were acquired at an average cost of $19.35 per share, for a total transaction of $29,025.00. Following the purchase, the director directly owned 18,883 shares in the company, valued at $365,386.05. This trade represents a 8.63% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders sold 402,664 shares of company stock worth $9,204,199. 52.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rush Street Interactive

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

Rush Street Interactive Price Performance

The business has a 50-day moving average of $21.52 and a 200 day moving average of $23.74. The company has a market capitalization of $2.77 billion, a PE ratio of 36.65 and a beta of 1.81.

Rush Street Interactive (NYSE:RSI) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $385.85 million for the quarter, compared to analysts’ expectations of $388.05 million. Rush Street Interactive had a net margin of 2.56% and a return on equity of 24.46%. Rush Street Interactive’s quarterly revenue was up 38.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, research analysts anticipate that Rush Street Interactive, Inc. will post 0.49 EPS for the current year.

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 primary consumer brands include BetRivers, PlaySugarHouse and RushBet, offering online casino games, sports wagering and related digital gaming products through websites and mobile applications.

The company serves customers in regulated markets across the United States and Latin America, with operations also extending to select international jurisdictions.