Rush Street Interactive's (RSI) Market Outperform Rating Reiterated at Citizens Jmp

Key Points

• Citizens Jmp reiterated its “market outperform” rating on Rush Street Interactive and set a $34 price target, implying 57.19% upside from the previous close.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and average price target of $35.10. Recent quarterly revenue rose 46.3% year over year to $393.78 million, exceeding expectations.
• Company insiders sold 614,000 shares worth approximately $17.4 million during the last quarter, while insiders retain a 52.89% ownership stake; institutional investors own 24.78%.

Rush Street Interactive (NYSE:RSI - Get Free Report)'s stock had its "market outperform" rating reissued by investment analysts at Citizens Jmp in a report issued on Tuesday, Benzinga reports. They presently have a $34.00 price objective on the stock. Citizens Jmp's price target would suggest a potential upside of 57.19% from the company's previous close.

RSI has been the topic of a number of other reports. Wells Fargo & Company boosted 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. New Street Research set a $35.00 target price on shares of Rush Street Interactive in a report on Thursday, July 23rd. Citigroup reiterated a "market outperform" rating on shares of Rush Street Interactive in a research note on Tuesday. Benchmark increased their price target 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. Finally, Susquehanna boosted their price target on shares of Rush Street Interactive from $30.00 to $36.00 and gave the company a "positive" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.10.

Rush Street Interactive Stock Performance

Shares of RSI stock opened at $21.63 on Tuesday. Rush Street Interactive has a 1 year low of $15.51 and a 1 year high of $34.53. The business's fifty day moving average is $27.37 and its 200-day moving average is $26.32. The stock has a market cap of $5.01 billion, a PE ratio of 74.59 and a beta of 1.51.

Rush Street Interactive (NYSE:RSI - Get Free Report) last issued 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 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%. Rush Street Interactive's revenue for the quarter was up 46.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. Equities research analysts predict that Rush Street Interactive will post 0.49 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Richard Schwartz sold 111,110 shares of Rush Street Interactive stock in a transaction 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 transaction, the chief executive officer directly owned 421,258 shares in the company, valued at approximately $10,822,118.02. This trade represents a 20.87% 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 Rush Street Interactive 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 sale, the chief financial officer directly owned 606,526 shares of the company's stock, valued at approximately $16,109,330.56. The trade was a 3.65% 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. Insiders have sold a total of 614,000 shares of company stock valued at $17,394,492 in the last quarter. Company insiders own 52.89% of the company's stock.

Institutional Investors Weigh In On Rush Street Interactive

Institutional investors and hedge funds have recently made changes to their positions in the business. Tidal Investments LLC purchased a new position in Rush Street Interactive in the second quarter valued at about $1,323,000. Integrated Wealth Concepts LLC bought a new position in shares of Rush Street Interactive during the second quarter valued at $70,000. 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. Arizona State Retirement System grew its position in shares of Rush Street Interactive by 11.4% during the second quarter. Arizona State Retirement System now owns 30,002 shares of the company's stock worth $892,000 after purchasing an additional 3,081 shares in the last quarter. Finally, Corient Private Wealth LP raised its position in shares of Rush Street Interactive by 14.7% during the 2nd quarter. Corient Private Wealth LP now owns 75,364 shares of the company's stock valued at $2,241,000 after buying an additional 9,687 shares in the last quarter. 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.

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