Charles Schwab Investment Management Inc. Trims Stake in Rush Street Interactive, Inc. $RSI

Key Points

• Charles Schwab Investment Management reduced its stake in Rush Street Interactive by 14.8%, now holding 749,458 shares valued at approximately $8.03 million.
• Rush Street Interactive reported a sizable 22.2% revenue increase year-over-year, with earnings per share of $0.11 exceeding analyst expectations.
• Insider selling has been significant, with directors and executives unloading a combined total of over 2.8 million shares in recent months.

Charles Schwab Investment Management Inc. reduced its position in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 14.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 749,458 shares of the company's stock after selling 130,105 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.33% of Rush Street Interactive worth $8,034,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Arizona State Retirement System increased its position in shares of Rush Street Interactive by 5.4% during the first quarter. Arizona State Retirement System now owns 24,145 shares of the company's stock worth $259,000 after acquiring an additional 1,232 shares during the period. Pacer Advisors Inc. increased its position in shares of Rush Street Interactive by 94.7% during the first quarter. Pacer Advisors Inc. now owns 2,533 shares of the company's stock worth $27,000 after acquiring an additional 1,232 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rush Street Interactive by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,270 shares of the company's stock worth $594,000 after acquiring an additional 1,632 shares during the period. Tidal Investments LLC increased its position in shares of Rush Street Interactive by 6.3% during the fourth quarter. Tidal Investments LLC now owns 38,360 shares of the company's stock worth $526,000 after acquiring an additional 2,280 shares during the period. Finally, Heck Capital Advisors LLC purchased a new position in shares of Rush Street Interactive during the fourth quarter worth approximately $34,000. 24.78% of the stock is currently owned by institutional investors.

Rush Street Interactive Stock Down 0.1%

Shares of RSI stock opened at $20.95 on Tuesday. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 104.75 and a beta of 1.90. The company's 50 day moving average is $16.50 and its 200 day moving average is $13.67. Rush Street Interactive, Inc. has a 52-week low of $8.76 and a 52-week high of $21.09.

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 the consensus estimate 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 business had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. During the same period in the previous year, the company earned $0.04 earnings per share. The business's revenue for the quarter was up 22.2% on a year-over-year basis. Rush Street Interactive has set its FY 2025 guidance at EPS. Analysts anticipate that Rush Street Interactive, Inc. will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rush Street Interactive news, Director Judith Gold sold 100,000 shares of Rush Street Interactive stock in a transaction on Monday, August 4th. The shares were sold at an average price of $19.61, for a total value of $1,961,000.00. Following the transaction, the director directly owned 111,629 shares of the company's stock, valued at approximately $2,189,044.69. The trade was a 47.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard Todd Schwartz sold 193,905 shares of Rush Street Interactive stock in a transaction on 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 in the company, valued at $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 have sold 2,816,090 shares of company stock valued at $44,026,948. 56.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RSI. Jefferies Financial Group raised their target price on shares of Rush Street Interactive from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Macquarie reaffirmed an "outperform" rating and set a $16.00 target price on shares of Rush Street Interactive in a research report on Friday, May 2nd. Needham & Company LLC raised their target price on shares of Rush Street Interactive from $17.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Susquehanna reaffirmed a "positive" rating and set a $19.00 target price (up from $15.00) on shares of Rush Street Interactive in a research report on Wednesday, July 30th. Finally, Oppenheimer lifted their price objective on shares of Rush Street Interactive from $16.00 to $21.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.89.

About Rush Street Interactive

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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