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

A number of other institutional investors have also recently bought and sold shares of RSI. Nuveen LLC acquired a new position in Rush Street Interactive during the first quarter worth approximately $29,005,000. Nicholas Investment Partners LP bought a new stake in Rush Street Interactive during the fourth quarter worth $14,970,000. Millennium Management LLC lifted its stake in Rush Street Interactive by 267.0% during the fourth quarter. Millennium Management LLC now owns 1,337,554 shares of the company's stock worth $18,351,000 after purchasing an additional 973,139 shares during the last quarter. Jupiter Asset Management Ltd. lifted its stake in Rush Street Interactive by 57.7% during the first quarter. Jupiter Asset Management Ltd. now owns 1,395,868 shares of the company's stock worth $14,964,000 after purchasing an additional 510,955 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Rush Street Interactive during the fourth quarter worth $6,965,000. Institutional investors and hedge funds own 24.78% of the company's stock.

Rush Street Interactive Trading Up 1.6%

NYSE RSI traded up $0.34 during trading hours on Thursday, hitting $21.41. The company's stock had a trading volume of 470,507 shares, compared to its average volume of 1,691,991. Rush Street Interactive, Inc. has a 52 week low of $9.54 and a 52 week high of $22.55. The company has a market capitalization of $4.89 billion, a PE ratio of 107.05 and a beta of 1.90. The company's 50-day simple moving average is $18.22 and its two-hundred day simple moving average is $14.20.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its quarterly earnings data 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 2.48% and a return on equity of 16.53%. 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 previous year, the firm posted $0.04 EPS. The firm's revenue was up 22.2% compared to the same quarter last year. Rush Street Interactive has set its FY 2025 guidance at EPS. Research analysts anticipate 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 Masi Niccolo De sold 446,094 shares of the business'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 transaction, the director owned 15,203 shares in the company, valued at $278,975.05. The trade was a 96.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of the company's stock in a transaction dated 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 sale, the chief executive officer owned 1,017,471 shares in the company, valued at approximately $15,658,878.69. This trade represents a 16.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,821,090 shares of company stock worth $46,397,333 over the last 90 days. 56.94% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RSI has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on Rush Street Interactive in a research note on Monday, June 23rd. They issued a "neutral" rating and a $14.00 price target for the company. Benchmark increased their price target on Rush Street Interactive from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Monday. Wall Street Zen upgraded Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Zacks Research upgraded Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. Finally, Jefferies Financial Group increased their price target on Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.33.

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.