Nicholas Investment Partners LP Invests $14.97 Million in Rush Street Interactive, Inc. (NYSE:RSI)

Nicholas Investment Partners LP purchased a new position in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,091,091 shares of the company's stock, valued at approximately $14,970,000. Rush Street Interactive accounts for about 1.3% of Nicholas Investment Partners LP's investment portfolio, making the stock its 10th largest position. Nicholas Investment Partners LP owned approximately 0.48% of Rush Street Interactive at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Legato Capital Management LLC purchased a new position in Rush Street Interactive during the fourth quarter worth approximately $1,897,000. Oppenheimer & Co. Inc. purchased a new position in Rush Street Interactive during the fourth quarter worth approximately $337,000. Charles Schwab Investment Management Inc. raised its stake in Rush Street Interactive by 18.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 879,563 shares of the company's stock worth $12,068,000 after purchasing an additional 137,701 shares during the period. JPMorgan Chase & Co. raised its stake in Rush Street Interactive by 155.6% during the third quarter. JPMorgan Chase & Co. now owns 265,412 shares of the company's stock worth $2,880,000 after purchasing an additional 161,568 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Rush Street Interactive during the fourth quarter worth approximately $1,282,000. Hedge funds and other institutional investors own 24.78% of the company's stock.

Analyst Ratings Changes

RSI has been the topic of a number of recent analyst reports. Benchmark increased their price target on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price target on shares of Rush Street Interactive in a research note on Thursday, May 1st. Susquehanna raised their target price on shares of Rush Street Interactive from $14.00 to $15.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Macquarie reissued an "outperform" rating and issued a $16.00 target price on shares of Rush Street Interactive in a research note on Friday, May 2nd. Finally, Wells Fargo & Company raised their target price on shares of Rush Street Interactive from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.63.

Insider Activity at Rush Street Interactive

In other news, insider Einar Roosileht sold 70,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $11.67, for a total value of $816,900.00. Following the completion of the sale, the insider now owns 946,150 shares of the company's stock, valued at approximately $11,041,570.50. The trade was a 6.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Todd Schwartz sold 109,567 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.85, for a total transaction of $1,079,234.95. Following the completion of the sale, the chief executive officer now directly owns 2,082,376 shares of the company's stock, valued at $20,511,403.60. The trade was a 5.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 723,805 shares of company stock valued at $7,957,809. Corporate insiders own 56.94% of the company's stock.

Rush Street Interactive Stock Up 1.1%

Shares of RSI stock traded up $0.13 during mid-day trading on Friday, reaching $12.27. The company's stock had a trading volume of 710,992 shares, compared to its average volume of 1,879,627. The company's 50 day simple moving average is $11.40 and its 200-day simple moving average is $12.73. Rush Street Interactive, Inc. has a 12-month low of $8.29 and a 12-month high of $16.78. The firm has a market capitalization of $2.80 billion, a PE ratio of -613.70 and a beta of 1.88.

Rush Street Interactive (NYSE:RSI - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The business had revenue of $262.41 million during the quarter, compared to analyst estimates of $258.90 million. Rush Street Interactive had a negative net margin of 0.16% and a negative return on equity of 3.73%. The business's revenue was up 20.7% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. As a group, research analysts anticipate that Rush Street Interactive, Inc. will post 0.04 EPS for the current fiscal year.

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.