Rush Street Interactive (NYSE:RSI) Cut to “Hold” at Wall Street Zen

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

A number of other brokerages have also recently commented on RSI. Oppenheimer increased their price target on shares of Rush Street Interactive from $30.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. New Street Research set a $35.00 price objective on shares of Rush Street Interactive in a research report on Thursday, July 23rd. Stifel Nicolaus initiated coverage on shares of Rush Street Interactive in a research note on Monday, September 21st. They set a “buy” rating and a $34.00 price objective on the stock. Susquehanna lowered their price objective on shares of Rush Street Interactive from $37.00 to $27.00 and set a “positive” rating on the stock in a research note on Friday, October 9th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Rush Street Interactive in a report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.09.

Rush Street Interactive Trading Down 2.8%

NYSE RSI opened at $18.00 on Friday. The company has a market cap of $4.17 billion, a PE ratio of 62.09 and a beta of 1.71. Rush Street Interactive has a 12 month low of $15.51 and a 12 month high of $34.53. The stock has a 50 day moving average of $23.28 and a 200-day moving average of $26.13.

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

Insider Buying and Selling

In related news, CFO Kyle Sauers sold 23,000 shares of the 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 sale, the chief financial officer owned 606,526 shares in the company, valued at approximately $16,109,330.56. This represents a 3.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,112 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $28.02, for a total value of $3,113,358.24. Following the completion of the sale, the chief executive officer owned 421,258 shares in the company, valued at approximately $11,803,649.16. This trade represents a 20.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 603,998 shares of company stock valued at $14,814,268. 52.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Rush Street Interactive

A number of hedge funds and other institutional investors have recently modified their holdings of RSI. First Citizens Bank & Trust Co. bought a new stake in shares of Rush Street Interactive during the 3rd quarter valued at $212,000. CoreCap Advisors LLC boosted its position in shares of Rush Street Interactive by 629.6% during the 3rd quarter. CoreCap Advisors LLC now owns 13,132 shares of the company’s stock worth $267,000 after acquiring an additional 11,332 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Rush Street Interactive during the 2nd quarter worth approximately $1,323,000. Integrated Wealth Concepts LLC bought a new position in Rush Street Interactive in the second quarter valued at approximately $70,000. Finally, Allworth Financial LP increased its stake in Rush Street Interactive by 38.1% in the second quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock valued at $57,000 after acquiring an additional 529 shares during the last quarter. Institutional investors and hedge funds own 24.78% of the company’s stock.

Rush Street Interactive Company Profile

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.