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

Key Points

• Wall Street Zen downgraded Rush Street Interactive to “Hold” from “Buy,” although the broader analyst consensus remains “Moderate Buy” with a $34.20 target price.
• RSI shares opened at $18.51, well below their 50-day and 200-day moving averages. The company reported quarterly revenue of $393.78 million, up 46.3% year over year, while matching consensus EPS at $0.15.
• Company insiders sold roughly 603,998 shares worth $14.8 million over the past three months, including transactions by the CFO and COO; insiders still own 52.89% of the stock.

Rush Street Interactive (NYSE:RSI - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on RSI. New Street Research set a $35.00 price objective on shares of Rush Street Interactive in a report on Thursday, July 23rd. Needham & Company LLC increased their target price on Rush Street Interactive from $33.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Citigroup reiterated a "market outperform" rating on shares of Rush Street Interactive in a report on Tuesday, September 22nd. Benchmark boosted their price target on Rush Street Interactive from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Oppenheimer upped their price objective on Rush Street Interactive from $30.00 to $36.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.20.

Rush Street Interactive Stock Down 2.4%

Shares of NYSE RSI opened at $18.51 on Friday. The business has a fifty day simple moving average of $23.41 and a two-hundred day simple moving average of $26.12. The firm has a market cap of $4.29 billion, a PE ratio of 63.82 and a beta of 1.71. Rush Street Interactive has a twelve month low of $15.51 and a twelve month high of $34.53.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.15. Rush Street Interactive had a return on equity of 18.88% and a net margin of 2.33%. The business had revenue of $393.78 million for the quarter, compared to the consensus estimate of $367.75 million. During the same quarter in the prior year, the company earned $0.11 EPS. The business's revenue was up 46.3% compared to the same quarter last year. On average, research analysts expect that Rush Street Interactive will post 0.49 earnings per share for the current year.

Insiders Place Their Bets

In other news, 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 owned 606,526 shares of the company's stock, valued at $16,109,330.56. This trade represents a 3.65% decrease in their position. The transaction was disclosed in a document filed 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, COO Mattias Stetz sold 20,000 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.68, for a total value of $513,600.00. Following the transaction, the chief operating officer owned 157,874 shares in the company, valued at approximately $4,054,204.32. This trade represents a 11.24% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 603,998 shares of company stock valued at $14,814,268. 52.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rush Street Interactive

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

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 consumer-facing brands include BetRivers and PlaySugarHouse, which offer online casino games, sports wagering, and related digital gaming services where permitted by local regulations.

The company serves customers in multiple regulated markets across the United States and Latin America. Its operations have included online sports betting and casino gaming in U.S.

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