Comerica Bank Acquires Shares of 68,247 Rush Street Interactive, Inc. $RSI

Key Points

• Comerica Bank has invested $732,000 in Rush Street Interactive, purchasing 68,247 shares of the company's stock.
• Several analysts have upgraded their ratings on Rush Street Interactive, with Oppenheimer and Needham & Company boosting the price target from $16.00 to $21.00.
• Rush Street Interactive reported a quarterly revenue of $269.22 million, exceeding analyst expectations and marking a 22.2% increase from the previous year.

Comerica Bank purchased a new position in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 68,247 shares of the company's stock, valued at approximately $732,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RSI. Voya Investment Management LLC grew its position in Rush Street Interactive by 7.9% during the 4th quarter. Voya Investment Management LLC now owns 41,276 shares of the company's stock worth $566,000 after purchasing an additional 3,026 shares during the period. Northern Trust Corp grew its position in Rush Street Interactive by 8.2% during the 4th quarter. Northern Trust Corp now owns 706,386 shares of the company's stock worth $9,692,000 after purchasing an additional 53,682 shares during the period. BNP Paribas Financial Markets acquired a new stake in Rush Street Interactive during the 4th quarter worth about $6,965,000. Bank of America Corp DE grew its position in Rush Street Interactive by 28.0% during the 4th 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 period. Finally, Cubist Systematic Strategies LLC grew its position in Rush Street Interactive by 450.5% during the 4th quarter. Cubist Systematic Strategies LLC now owns 231,084 shares of the company's stock worth $3,170,000 after purchasing an additional 189,107 shares during the period. 24.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RSI has been the topic of several analyst reports. Wall Street Zen raised Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. JPMorgan Chase & Co. initiated coverage on shares of Rush Street Interactive in a research note on Monday, June 23rd. They set a "neutral" rating and a $14.00 target price on the stock. Susquehanna reissued a "positive" rating and set a $19.00 target price (up from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. Zacks Research raised shares of Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. Finally, Oppenheimer increased their target price on shares of Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $18.33.

Rush Street Interactive Price Performance

Rush Street Interactive stock traded down $0.36 during midday trading on Friday, reaching $21.20. The company had a trading volume of 1,334,250 shares, compared to its average volume of 1,496,764. The company has a market capitalization of $4.84 billion, a P/E ratio of 106.00 and a beta of 1.90. Rush Street Interactive, Inc. has a 12-month low of $9.54 and a 12-month high of $22.55. The firm's fifty day simple moving average is $18.49 and its 200-day simple moving average is $14.32.

Rush Street Interactive (NYSE:RSI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The firm had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. Rush Street Interactive's quarterly revenue was up 22.2% compared to the same quarter last year. During the same period last year, the company posted $0.04 EPS. Rush Street Interactive has set its FY 2025 guidance at EPS. On average, analysts expect that Rush Street Interactive, Inc. will post 0.04 EPS for the current fiscal year.

Insider Activity at Rush Street Interactive

In related news, Director Judith Gold sold 100,000 shares of the firm's stock in a transaction dated 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. This trade represents a 47.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Masi Niccolo De sold 446,094 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $18.35, for a total transaction of $8,185,824.90. Following the completion of the transaction, the director directly owned 15,203 shares in the company, valued at $278,975.05. This represents a 96.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,650,067 shares of company stock valued at $44,110,755. 56.94% of the stock is owned by corporate insiders.

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.