Rush Street Interactive (NYSE:RSI) Upgraded to “Buy” at Wall Street Zen

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

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Rush Street Interactive from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Wells Fargo & Company raised their target price on shares of Rush Street Interactive from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Citizens Jmp lifted their target price on shares of Rush Street Interactive from $33.00 to $34.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 30th. New Street Research set a $35.00 price target on shares of Rush Street Interactive in a report on Thursday, July 23rd. Finally, Weiss Ratings cut shares of Rush Street Interactive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Rush Street Interactive currently has an average rating of “Moderate Buy” and an average target price of $35.22.

Rush Street Interactive Trading Down 0.2%

RSI stock opened at $26.37 on Friday. The company’s 50 day moving average is $28.35 and its 200 day moving average is $26.10. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 90.94 and a beta of 1.51. Rush Street Interactive has a 1-year low of $15.51 and a 1-year high of $34.53.

Rush Street Interactive (NYSE:RSI) last announced its earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.15. Rush Street Interactive had a net margin of 2.33% and a return on equity of 18.88%. The company had revenue of $393.78 million during the quarter, compared to analyst estimates of $367.75 million. During the same period in the previous year, the business earned $0.11 earnings per share. The firm’s quarterly revenue was up 46.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Rush Street Interactive will post 0.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard Schwartz sold 111,110 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $25.69, for a total transaction of $2,854,415.90. Following the completion of the transaction, the chief executive officer owned 421,258 shares in the company, valued at $10,822,118.02. This represents a 20.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kyle Sauers sold 23,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $26.56, for a total value of $610,880.00. Following the completion of the sale, the chief financial officer directly owned 606,526 shares of the company’s stock, valued at $16,109,330.56. The trade was a 3.65% 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 90 days, insiders sold 614,000 shares of company stock worth $17,394,492. 52.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rush Street Interactive

Hedge funds have recently bought and sold shares of the business. New York State Teachers Retirement System increased its holdings in Rush Street Interactive by 5.2% during the first quarter. New York State Teachers Retirement System now owns 8,441 shares of the company’s stock valued at $184,000 after buying an additional 419 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Rush Street Interactive by 38.1% during the 2nd quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock worth $57,000 after acquiring an additional 529 shares during the last quarter. Man Group plc grew its position in shares of Rush Street Interactive by 0.7% during the 2nd quarter. Man Group plc now owns 89,535 shares of the company’s stock valued at $1,334,000 after acquiring an additional 654 shares during the period. Cerity Partners LLC grew its position in shares of Rush Street Interactive by 4.6% during the 4th quarter. Cerity Partners LLC now owns 23,675 shares of the company’s stock valued at $460,000 after acquiring an additional 1,042 shares during the period. Finally, Global Retirement Partners LLC bought a new stake in shares of Rush Street Interactive during the 2nd quarter valued at $35,000. Institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc (NYSE: RSI) is an online gaming and sports betting company that operates digital casino, sportsbook and related gaming platforms. Its consumer-facing brands include BetRivers and PlaySugarHouse, which offer mobile and online wagering products such as sports betting, internet casino games and, in certain markets, online poker.

The company operates primarily in regulated markets across the United States and Canada, as well as select Latin American jurisdictions.