Bank of America Corp DE Purchases Shares of 1,143,751 Rush Street Interactive, Inc. $RSI

Key Points

• Bank of America acquired 1,143,751 shares of Rush Street Interactive during the second quarter, worth approximately $34.0 million and representing about 0.49% of the company. Other institutional investors also initiated or increased positions, with institutions collectively owning 24.78% of RSI.
• Rush Street Interactive reported quarterly revenue of $393.78 million, up 46.3% year over year, and EPS of $0.15, matching estimates. However, shares were trading at $21.21, below their 50-day and 200-day moving averages, with a high P/E ratio of 73.14.
• Analyst sentiment remains positive, with RSI holding a “Moderate Buy” consensus rating and an average price target of $35.10. Insiders sold 614,000 shares worth approximately $17.4 million during the latest quarter, though the transactions were made under pre-arranged trading plans.

Bank of America Corp DE acquired a new stake in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,143,751 shares of the company's stock, valued at approximately $34,015,000. Bank of America Corp DE owned about 0.49% of Rush Street Interactive at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Freestone Grove Partners LP purchased a new stake in Rush Street Interactive during the 2nd quarter valued at about $304,000. Odyssean LLC increased its stake in Rush Street Interactive by 18.0% in the 2nd quarter. Odyssean LLC now owns 66,700 shares of the company's stock worth $1,984,000 after purchasing an additional 10,193 shares during the period. Man Group plc purchased a new position in Rush Street Interactive in the 2nd quarter worth approximately $4,866,000. Jupiter Topco LLC bought a new stake in Rush Street Interactive in the second quarter valued at approximately $18,369,000. Finally, Hsbc Holdings PLC bought a new stake in Rush Street Interactive in the second quarter valued at approximately $9,616,000. Hedge funds and other institutional investors own 24.78% of the company's stock.

Rush Street Interactive Trading Down 1.7%

Shares of Rush Street Interactive stock opened at $21.21 on Wednesday. The company's fifty day simple moving average is $27.12 and its two-hundred day simple moving average is $26.32. The company has a market cap of $4.92 billion, a P/E ratio of 73.14 and a beta of 1.51. Rush Street Interactive, Inc. has a 12-month low of $15.51 and a 12-month high of $34.53.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts' expectations of $367.75 million. During the same period last year, the company posted $0.11 EPS. The company's quarterly revenue was up 46.3% compared to the same quarter last year. Analysts predict that Rush Street Interactive, Inc. will post 0.49 EPS for the current fiscal year.

Key Stories Impacting Rush Street Interactive

Here are the key news stories impacting Rush Street Interactive this week:

• Positive Sentiment: Stifel initiated coverage with a Buy rating and a $34 price target, implying substantial upside from recent levels. The firm highlighted RSI’s focus on online casino, a market it views as offering “scarcity value” because relatively few publicly traded companies provide direct exposure to U.S. iGaming. Stifel Initiates Rush Street Interactive at Buy With $34 Price Target Stifel: Rush Street Interactive Stock Offers iGaming Scarcity Value
• Positive Sentiment: Citizens JMP reaffirmed its Market Outperform rating and set a $34 target, also indicating roughly 60% potential upside. The repeated bullish targets strengthen the analyst-support narrative around RSI. Stifel Initiates Coverage of Rush Street Interactive With Buy
• Neutral Sentiment: The news is concentrated on analyst coverage rather than a new earnings report, guidance update, or operating announcement. RSI’s strong revenue growth and profitable results remain supportive, but the stock trades at a high earnings multiple and below its 50-day and 200-day moving averages, which may be limiting near-term enthusiasm.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RSI. Citigroup restated a "market outperform" rating on shares of Rush Street Interactive in a report on Tuesday. Oppenheimer upped their price target on shares of Rush Street Interactive from $30.00 to $36.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Wells Fargo & Company increased their price target on shares of Rush Street Interactive from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Jefferies Financial Group reissued a "buy" rating and issued a $39.00 price target on shares of Rush Street Interactive in a report on Thursday, July 30th. Finally, Wall Street Zen raised shares of Rush Street Interactive from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.10.

Insider Transactions at Rush Street Interactive

In related news, COO Mattias Stetz sold 20,000 shares of Rush Street Interactive stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $31.22, for a total transaction of $624,400.00. Following the sale, the chief operating officer directly owned 197,874 shares in the company, valued at $6,177,626.28. The trade was a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,112 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $28.02, for a total value of $3,113,358.24. Following the completion of the sale, the chief executive officer directly owned 421,258 shares in the company, valued at approximately $11,803,649.16. The trade was 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 quarter, insiders sold 614,000 shares of company stock valued at $17,394,492. Corporate insiders own 52.89% 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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