Bryce Point Capital LLC Makes New Investment in Rush Street Interactive, Inc. (NYSE:RSI)

Key Points

• Bryce Point Capital LLC has purchased a new stake in Rush Street Interactive, Inc., acquiring 63,581 shares valued at approximately $724,000 during the first quarter of the year.
• Several institutional investors have also increased their positions in Rush Street Interactive, with notable increases from Pacer Advisors Inc. and GAMMA Investing LLC.
• Analysts are optimistic about the company's stock, with multiple rating upgrades and target prices raised, reflecting a consensus rating of "Moderate Buy" from market analysts.

Bryce Point Capital LLC purchased a new stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 63,581 shares of the company's stock, valued at approximately $724,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RSI. Bank of America Corp DE grew its stake in shares of Rush Street Interactive by 28.0% in the fourth quarter. Bank of America Corp DE now owns 563,769 shares of the company's stock worth $7,735,000 after purchasing an additional 123,305 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Rush Street Interactive by 72.6% during the first quarter. Assenagon Asset Management S.A. now owns 542,376 shares of the company's stock valued at $5,814,000 after acquiring an additional 228,187 shares during the last quarter. Calamos Advisors LLC boosted its position in Rush Street Interactive by 17.9% during the first quarter. Calamos Advisors LLC now owns 540,008 shares of the company's stock valued at $5,789,000 after acquiring an additional 82,067 shares during the last quarter. Two Sigma Investments LP bought a new stake in Rush Street Interactive during the fourth quarter valued at $783,000. Finally, GAMMA Investing LLC raised its holdings in shares of Rush Street Interactive by 1,687.6% during the first quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock valued at $70,000 after purchasing an additional 6,143 shares during the period. 24.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Rush Street Interactive

In related news, CEO Richard Todd Schwartz sold 193,905 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total value 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 $15,658,878.69. This represents a 16.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Masi Niccolo De sold 286,769 shares of Rush Street Interactive stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $14.08, for a total transaction of $4,037,707.52. Following the transaction, the director owned 921,884 shares of the company's stock, valued at $12,980,126.72. The trade was a 23.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,048,576 shares of company stock valued at $28,953,519. 56.94% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RSI shares. Susquehanna upped their price objective on shares of Rush Street Interactive from $15.00 to $19.00 and gave the company a "positive" rating in a report on Wednesday. Oppenheimer upped their target price on shares of Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a report on Thursday. Benchmark increased their price objective on shares of Rush Street Interactive from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday. JPMorgan Chase & Co. started coverage on shares of Rush Street Interactive in a research note on Monday, June 23rd. They issued a "neutral" rating and a $14.00 price objective for the company. Finally, Jefferies Financial Group increased their price objective on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.89.

Rush Street Interactive Stock Performance

Shares of NYSE RSI traded up $3.33 during trading hours on Thursday, hitting $19.39. The company's stock had a trading volume of 5,659,908 shares, compared to its average volume of 1,671,019. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 242.42 and a beta of 1.87. Rush Street Interactive, Inc. has a 12 month low of $8.52 and a 12 month high of $19.27. The business has a 50-day simple moving average of $14.08 and a 200-day simple moving average of $13.06.

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, topping analysts' consensus estimates of $0.08 by $0.03. Rush Street Interactive had a net margin of 0.87% and a return on equity of 7.35%. 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 prior year, the firm earned $0.04 earnings per share. Rush Street Interactive's revenue was up 22.2% on a year-over-year basis. On average, equities research analysts forecast that Rush Street Interactive, Inc. will post 0.04 EPS for the current year.

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.