Rush Street Interactive (NYSE:RSI) Sees Strong Trading Volume

Rush Street Interactive, Inc. (NYSE:RSI) shares saw unusually-strong trading volume on Thursday . Approximately 4,535,764 shares were traded during mid-day trading, an increase of 188% from the previous session’s volume of 1,577,282 shares.The stock last traded at $9.98 and had previously closed at $9.55.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RSI. Craig Hallum boosted their price target on shares of Rush Street Interactive from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company upped their price target on Rush Street Interactive from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Oppenheimer boosted their price objective on Rush Street Interactive from $10.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC raised their target price on Rush Street Interactive from $10.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Rush Street Interactive has a consensus rating of “Moderate Buy” and a consensus price target of $11.17.

Rush Street Interactive Stock Performance

The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -59.24 and a beta of 1.78. The company has a 50 day moving average price of $9.52 and a 200 day moving average price of $8.24.

Rush Street Interactive (NYSE:RSI) last posted its earnings results on Wednesday, July 31st. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. Rush Street Interactive had a negative net margin of 0.84% and a negative return on equity of 12.45%. The company had revenue of $220.38 million for the quarter, compared to analysts’ expectations of $201.37 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Rush Street Interactive’s revenue for the quarter was up 33.5% compared to the same quarter last year. On average, research analysts forecast that Rush Street Interactive, Inc. will post -0.01 earnings per share for the current year.

Insider Activity at Rush Street Interactive

In related news, insider Einar Roosileht sold 150,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.09, for a total value of $1,363,500.00. Following the sale, the insider now owns 809,260 shares in the company, valued at approximately $7,356,173.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 40,498 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $10.18, for a total value of $412,269.64. Following the completion of the transaction, the chief executive officer now owns 1,862,997 shares in the company, valued at $18,965,309.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Einar Roosileht sold 150,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $9.09, for a total value of $1,363,500.00. Following the completion of the sale, the insider now owns 809,260 shares in the company, valued at $7,356,173.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 548,210 shares of company stock worth $5,179,362. Insiders own 56.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP lifted its stake in Rush Street Interactive by 15.9% during the second quarter. Quarry LP now owns 8,762 shares of the company’s stock worth $84,000 after purchasing an additional 1,200 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Rush Street Interactive by 25.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,645 shares of the company’s stock worth $275,000 after buying an additional 5,840 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Rush Street Interactive during the 2nd quarter worth approximately $98,000. Allspring Global Investments Holdings LLC grew its position in shares of Rush Street Interactive by 13,627.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company’s stock valued at $78,000 after buying an additional 11,856 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Rush Street Interactive by 43.4% during the 2nd quarter. Hsbc Holdings PLC now owns 49,215 shares of the company’s stock worth $463,000 after acquiring an additional 14,894 shares in the last quarter. Hedge funds and other institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc operates as an online casino and sports betting company in the United States, Canada, Mexico, and rest of Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the company offers full suite of games comprising of bricks-and-mortar casinos, table games, and slot machines.