Rush Street Interactive (NYSE:RSI) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Rush Street Interactive from “hold” to “buy.” The stock has a consensus “Moderate Buy” rating and an average analyst price target of $35.22.
• RSI reported quarterly revenue of $393.78 million, exceeding expectations of $367.75 million, while earnings per share matched estimates at $0.15. Revenue increased 46.3% year over year.
• Company insiders sold 614,000 shares worth approximately $17.4 million over the past quarter, while institutional ownership stands at 24.78%; the reported insider transactions were conducted under pre-arranged Rule 10b5-1 plans.

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

RSI has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their price target on Rush Street Interactive from $26.00 to $30.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Wells Fargo & Company raised their target price on Rush Street Interactive from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Benchmark lifted their target price on Rush Street Interactive from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. New Street Research set a $35.00 price target on Rush Street Interactive in a research report on Thursday, July 23rd. Finally, Citizens Jmp increased their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.22.

Rush Street Interactive Trading Up 0.0%

Rush Street Interactive stock opened at $26.37 on Friday. The stock has a 50-day moving average price of $28.35 and a 200 day moving average price of $26.05. The stock has a market cap of $6.11 billion, a PE ratio of 90.94 and a beta of 1.51. Rush Street Interactive has a 52 week low of $15.51 and a 52 week high of $34.53.

Rush Street Interactive (NYSE:RSI - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.15 earnings per share for the quarter, hitting analysts' consensus estimates of $0.15. The business had revenue of $393.78 million for 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 company's revenue for the quarter was up 46.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 EPS. On average, equities analysts predict that Rush Street Interactive will post 0.49 EPS for the current year.

Insider Buying and Selling

In other news, COO Mattias Stetz sold 20,000 shares of Rush Street Interactive stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.68, for a total transaction of $513,600.00. Following the transaction, the chief operating officer directly owned 157,874 shares in the company, valued at approximately $4,054,204.32. This trade represents a 11.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kyle Sauers sold 23,000 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were 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 approximately $16,109,330.56. This trade represents a 3.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 614,000 shares of company stock valued at $17,394,492 over the last quarter. Corporate insiders own 52.89% of the company's stock.

Institutional Trading of Rush Street Interactive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Rush Street Interactive during the second quarter valued at $448,435,000. Alliancebernstein L.P. boosted its position in shares of Rush Street Interactive by 1.3% in the second quarter. Alliancebernstein L.P. now owns 6,214,230 shares of the company's stock worth $92,592,000 after buying an additional 80,471 shares during the period. California State Teachers Retirement System grew its stake in Rush Street Interactive by 2,755.9% during the 2nd quarter. California State Teachers Retirement System now owns 3,692,043 shares of the company's stock valued at $109,801,000 after acquiring an additional 3,562,766 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Rush Street Interactive by 763.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,822,991 shares of the company's stock valued at $57,815,000 after purchasing an additional 2,496,109 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Rush Street Interactive by 84.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,764,173 shares of the company's stock worth $60,121,000 after purchasing an additional 1,267,622 shares in the last quarter. 24.78% of the stock is owned by institutional investors and hedge funds.

Rush Street Interactive Company Profile

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.

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