Connor Clark & Lunn Investment Management Ltd. Has $9.86 Million Stock Holdings in Rush Street Interactive, Inc. (NYSE:RSI)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Rush Street Interactive by 5.7%, now holding approximately $9.86 million worth of shares.
• Insiders, including CEO Richard Todd Schwartz and Director Judith Gold, sold significant amounts of stock recently, indicating a 16.01% and 47.25% decrease in their respective ownership stakes.
• Rush Street Interactive's stock has received multiple analyst upgrades, with price targets increasing, reflecting growing confidence in the company's performance after reporting better-than-expected quarterly earnings.

Connor Clark & Lunn Investment Management Ltd. decreased its stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 919,519 shares of the company's stock after selling 55,832 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.40% of Rush Street Interactive worth $9,857,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Swiss National Bank increased its stake in shares of Rush Street Interactive by 5.0% in the first quarter. Swiss National Bank now owns 163,100 shares of the company's stock valued at $1,748,000 after buying an additional 7,800 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of Rush Street Interactive by 57.7% in the first quarter. Jupiter Asset Management Ltd. now owns 1,395,868 shares of the company's stock valued at $14,964,000 after buying an additional 510,955 shares during the period. XTX Topco Ltd increased its stake in shares of Rush Street Interactive by 100.7% in the first quarter. XTX Topco Ltd now owns 54,817 shares of the company's stock valued at $588,000 after buying an additional 27,499 shares during the period. Bryce Point Capital LLC acquired a new stake in shares of Rush Street Interactive in the first quarter valued at about $724,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rush Street Interactive by 19.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,935 shares of the company's stock valued at $267,000 after buying an additional 4,133 shares during the period. Institutional investors and hedge funds own 24.78% of the company's stock.

Insiders Place Their Bets

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 193,905 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $15.39, for a total value of $2,984,197.95. Following the transaction, the chief executive officer owned 1,017,471 shares in the company, valued at approximately $15,658,878.69. This represents a 16.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Judith Gold sold 100,000 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $19.61, for a total value of $1,961,000.00. Following the completion of the transaction, the director owned 111,629 shares in the company, valued at approximately $2,189,044.69. The trade was a 47.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,816,090 shares of company stock worth $44,026,948. Corporate insiders own 56.89% of the company's stock.

Rush Street Interactive Stock Performance

Shares of NYSE:RSI opened at $18.56 on Tuesday. The business's 50 day simple moving average is $15.20 and its two-hundred day simple moving average is $13.29. The firm has a market cap of $4.24 billion, a P/E ratio of 92.80 and a beta of 1.90. Rush Street Interactive, Inc. has a 52-week low of $8.76 and a 52-week high of $20.32.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced 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. The business had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. Rush Street Interactive had a return on equity of 16.53% and a net margin of 2.48%. The company's quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 earnings per share. On average, equities analysts forecast that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RSI. Susquehanna reissued a "positive" rating and issued a $19.00 price target (up previously from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. Needham & Company LLC upped their target price on Rush Street Interactive from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Oppenheimer upped their target price on Rush Street Interactive from $16.00 to $21.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. initiated coverage on Rush Street Interactive in a research report on Monday, June 23rd. They set a "neutral" rating and a $14.00 target price on the stock. Finally, Wall Street Zen upgraded Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.89.

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.

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