1832 Asset Management L.P. Raises Stake in Rush Street Interactive, Inc. $RSI

Key Points

• 1832 Asset Management L.P. increased its stake in Rush Street Interactive, Inc. by 48.4%, holding 368,400 shares valued at approximately $3.95 million at the end of the first quarter.
• Rush Street Interactive reported a 22.2% increase in quarterly revenue, totaling $269.22 million, and outperformed EPS expectations by $0.03.
• Institutional investors hold 24.78% of Rush Street Interactive’s stock, with notable investments from Nuveen LLC and Price T Rowe Associates, highlighting growing interest in the company.

1832 Asset Management L.P. increased its holdings in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 48.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 368,400 shares of the company's stock after buying an additional 120,200 shares during the quarter. 1832 Asset Management L.P. owned about 0.16% of Rush Street Interactive worth $3,949,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Nuveen LLC acquired a new stake in shares of Rush Street Interactive in the first quarter worth $29,005,000. Price T Rowe Associates Inc. MD boosted its holdings in Rush Street Interactive by 7,958.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,029,239 shares of the company's stock valued at $27,843,000 after purchasing an additional 2,004,059 shares during the last quarter. Nicholas Investment Partners LP purchased a new stake in Rush Street Interactive in the fourth quarter valued at $14,970,000. Millennium Management LLC grew its position in Rush Street Interactive by 267.0% during the 4th quarter. Millennium Management LLC now owns 1,337,554 shares of the company's stock worth $18,351,000 after purchasing an additional 973,139 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in shares of Rush Street Interactive by 56.6% during the 4th quarter. Driehaus Capital Management LLC now owns 2,200,517 shares of the company's stock valued at $30,191,000 after buying an additional 795,719 shares during the last quarter. 24.78% of the stock is currently owned by institutional investors and hedge funds.

Rush Street Interactive Price Performance

Shares of NYSE:RSI opened at $20.9320 on Monday. Rush Street Interactive, Inc. has a 1 year low of $8.76 and a 1 year high of $21.09. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 104.66 and a beta of 1.90. The business's 50 day moving average price is $16.36 and its 200-day moving average price is $13.62.

Rush Street Interactive (NYSE:RSI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The firm had revenue of $269.22 million for the quarter, compared to analysts' expectations of $248.98 million. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. The firm's revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. Rush Street Interactive has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on RSI. Oppenheimer raised their target price on Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Susquehanna reaffirmed a "positive" rating and set a $19.00 price objective (up previously from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. Wall Street Zen lowered shares of Rush Street Interactive from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 16th. JPMorgan Chase & Co. assumed coverage on shares of Rush Street Interactive in a report on Monday, June 23rd. They set a "neutral" rating and a $14.00 price target on the stock. Finally, Jefferies Financial Group raised their price target on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.89.

Insiders Place Their Bets

In related news, insider Einar Roosileht sold 70,000 shares of Rush Street Interactive stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $18.95, for a total value of $1,326,500.00. Following the sale, the insider directly owned 876,150 shares in the company, valued at approximately $16,603,042.50. The trade was a 7.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Judith Gold sold 100,000 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $19.61, for a total value of $1,961,000.00. Following the sale, the director owned 111,629 shares of the company's stock, valued at approximately $2,189,044.69. This trade represents a 47.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,816,090 shares of company stock valued at $44,026,948. 56.89% of the stock is owned by company insiders.

Rush Street Interactive Company Profile

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.

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