Alliancebernstein L.P. Buys 5,776,660 Shares of Rush Street Interactive, Inc. $RSI

Key Points

• Alliancebernstein L.P. significantly increased its stake in Rush Street Interactive, Inc. by 1,617.7%, acquiring an additional 5,776,660 shares during the first quarter, bringing its total ownership to approximately 2.69% of the company.
• The company reported a revenue of $269.22 million in its last earnings release, surpassing analysts' expectations and reflecting a 22.2% year-over-year growth.
• Multiple analysts have upgraded their price targets for Rush Street Interactive, with recommendations ranging from $19.00 to $21.00, indicating a positive outlook for the stock.

Alliancebernstein L.P. lifted its holdings in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 1,617.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 6,133,759 shares of the company's stock after acquiring an additional 5,776,660 shares during the period. Alliancebernstein L.P. owned approximately 2.69% of Rush Street Interactive worth $65,754,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RSI. Nuveen LLC bought a new position in shares of Rush Street Interactive during the 1st quarter worth about $29,005,000. Nicholas Investment Partners LP bought a new position in shares of Rush Street Interactive during the 4th quarter worth about $14,970,000. Millennium Management LLC lifted its holdings in shares of 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 acquiring an additional 973,139 shares during the period. Topline Capital Management LLC lifted its holdings in shares of Rush Street Interactive by 30.7% during the 1st quarter. Topline Capital Management LLC now owns 2,366,875 shares of the company's stock worth $25,373,000 after acquiring an additional 555,552 shares during the period. Finally, Jupiter Asset Management Ltd. lifted its holdings in shares of Rush Street Interactive by 57.7% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,395,868 shares of the company's stock worth $14,964,000 after acquiring an additional 510,955 shares during the period. 24.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Rush Street Interactive news, Director Masi Niccolo De sold 446,094 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $18.35, for a total value of $8,185,824.90. Following the completion of the transaction, the director directly owned 15,203 shares of the company's stock, valued at approximately $278,975.05. The trade was a 96.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $15.39, for a total transaction of $2,984,197.95. Following the completion of the transaction, the chief executive officer directly owned 1,017,471 shares of the company's stock, valued at approximately $15,658,878.69. This represents a 16.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,821,090 shares of company stock valued at $44,988,698. Insiders own 56.94% of the company's stock.

Rush Street Interactive Trading Down 1.7%

Shares of NYSE RSI opened at $21.15 on Friday. Rush Street Interactive, Inc. has a 1-year low of $8.93 and a 1-year high of $22.55. The company has a market cap of $4.83 billion, a PE ratio of 105.75 and a beta of 1.90. The company has a 50-day moving average of $17.85 and a two-hundred day moving average of $14.06.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.03. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. The company had revenue of $269.22 million during the quarter, compared to the consensus estimate of $248.98 million. During the same period in the previous year, the firm posted $0.04 earnings per share. The company's revenue was up 22.2% on a year-over-year basis. Rush Street Interactive has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RSI has been the subject of a number of analyst reports. Susquehanna reaffirmed a "positive" rating and set a $19.00 price objective (up from $15.00) on shares of Rush Street Interactive in a report on Wednesday, July 30th. Oppenheimer raised their price objective on shares of Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Needham & Company LLC upped their price objective on shares of Rush Street Interactive from $17.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Benchmark raised their price objective on shares of Rush Street Interactive from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Jefferies Financial Group boosted their target price on Rush Street Interactive from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $17.89.

Rush Street Interactive 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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