Assenagon Asset Management S.A. Sells 970,890 Shares of Rush Street Interactive, Inc. $RSI

Key Points

• Assenagon Asset Management cut its Rush Street Interactive position by 85.2%, selling 970,890 shares and retaining 168,777 shares valued at approximately $3.43 million.
• Despite the sale, institutional investors own 24.78% of RSI, while insiders own 52.89%; company insiders sold 603,998 shares worth about $14.8 million over the past 90 days.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $32.36 price target. RSI reported quarterly revenue of $393.78 million, up 46.3% year over year, while shares recently traded at $16.83.

Assenagon Asset Management S.A. cut its position in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 85.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 168,777 shares of the company's stock after selling 970,890 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Rush Street Interactive worth $3,431,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RSI. BlackRock Inc. acquired a new position in Rush Street Interactive in the second quarter worth about $448,435,000. Arrowstreet Capital Limited Partnership boosted its stake in Rush Street Interactive by 84.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,764,173 shares of the company's stock valued at $60,121,000 after buying an additional 1,267,622 shares in the last quarter. Renaissance Technologies LLC grew its position in Rush Street Interactive by 15.9% in the first quarter. Renaissance Technologies LLC now owns 2,285,000 shares of the company's stock valued at $49,699,000 after acquiring an additional 312,700 shares during the period. William Blair Investment Management LLC bought a new stake in Rush Street Interactive in the second quarter valued at $48,647,000. Finally, Bank of America Corp DE bought a new stake in Rush Street Interactive in the second quarter valued at $34,015,000. Institutional investors and hedge funds own 24.78% of the company's stock.

Insider Transactions at Rush Street Interactive

In other Rush Street Interactive news, COO Mattias Stetz sold 20,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $25.68, for a total value of $513,600.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,112 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $28.02, for a total transaction of $3,113,358.24. Following the completion of the sale, the chief executive officer owned 421,258 shares in the company, valued at approximately $11,803,649.16. This trade represents a 20.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 603,998 shares of company stock worth $14,814,268. 52.89% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Oppenheimer upped their price objective on shares of Rush Street Interactive from $30.00 to $36.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Jefferies Financial Group restated a "buy" rating and set a $39.00 target price on shares of Rush Street Interactive in a report on Thursday, July 30th. Citizens Jmp restated a "market outperform" rating and issued a $34.00 target price on shares of Rush Street Interactive in a research note on Tuesday, September 22nd. Wells Fargo & Company lifted their price target on Rush Street Interactive from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Finally, Benchmark lifted their price target on Rush Street Interactive from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Rush Street Interactive currently has an average rating of "Moderate Buy" and a consensus target price of $32.36.

Rush Street Interactive Price Performance

RSI opened at $16.83 on Thursday. The firm has a 50 day simple moving average of $22.98 and a 200 day simple moving average of $26.06. Rush Street Interactive, Inc. has a fifty-two week low of $15.51 and a fifty-two week high of $34.53. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 58.05 and a beta of 1.71.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.15. Rush Street Interactive had a net margin of 2.33% and a return on equity of 18.88%. The firm had revenue of $393.78 million for the quarter, compared to analysts' expectations of $367.75 million. During the same period last year, the firm earned $0.11 earnings per share. The business's revenue for the quarter was up 46.3% on a year-over-year basis. As a group, analysts expect that Rush Street Interactive, Inc. will post 0.49 EPS for the current year.

Rush Street Interactive Company Profile

Rush Street Interactive, Inc is an online gaming and sports betting company that operates regulated internet casino and sportsbook platforms. Its primary consumer brands include BetRivers, PlaySugarHouse and RushBet, offering online casino games, sports wagering and related digital gaming products through websites and mobile applications.

The company serves customers in regulated markets across the United States and Latin America, with operations also extending to select international jurisdictions.

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