Rush Street Interactive, Inc. (NYSE:RSI) Shares Purchased by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. increased its position in Rush Street Interactive, Inc. by 57.7% during the first quarter, now owning 1,395,868 shares valued at approximately $14.96 million.
• Insider transactions saw Director Masi Niccolo De and CEO Richard Todd Schwartz selling significant portions of their stock, with a combined total of over $11 million in shares sold in recent months.
• Despite recent insider selling, analysts are optimistic, with upgrades from multiple research firms raising Rush Street Interactive's price target to as high as $21.00, indicating strong investment interest in the company.

Jupiter Asset Management Ltd. grew its stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,395,868 shares of the company's stock after buying an additional 510,955 shares during the period. Jupiter Asset Management Ltd. owned 0.61% of Rush Street Interactive worth $14,964,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of RSI. Arizona State Retirement System boosted its stake in Rush Street Interactive by 5.4% during the 1st quarter. Arizona State Retirement System now owns 24,145 shares of the company's stock worth $259,000 after purchasing an additional 1,232 shares during the period. Pacer Advisors Inc. boosted its stake in Rush Street Interactive by 94.7% during the 1st quarter. Pacer Advisors Inc. now owns 2,533 shares of the company's stock worth $27,000 after purchasing an additional 1,232 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rush Street Interactive by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,270 shares of the company's stock worth $594,000 after purchasing an additional 1,632 shares during the period. Tidal Investments LLC boosted its stake in Rush Street Interactive by 6.3% during the 4th quarter. Tidal Investments LLC now owns 38,360 shares of the company's stock worth $526,000 after purchasing an additional 2,280 shares during the period. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Rush Street Interactive in the 4th quarter worth $34,000. Institutional investors and hedge funds own 24.78% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on RSI. Macquarie restated an "outperform" rating and issued a $16.00 target price on shares of Rush Street Interactive in a research note 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 note on Thursday, July 31st. Oppenheimer raised 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. Benchmark raised their target price on shares of Rush Street Interactive from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, 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 note on Thursday, July 3rd. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.89.

Rush Street Interactive Trading Down 2.1%

Shares of Rush Street Interactive stock traded down $0.41 during mid-day trading on Thursday, hitting $19.17. 112,237 shares of the stock were exchanged, compared to its average volume of 1,720,567. Rush Street Interactive, Inc. has a twelve month low of $8.76 and a twelve month high of $20.32. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 96.00 and a beta of 1.90. The company has a 50-day simple moving average of $14.84 and a 200 day simple moving average of $13.23.

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 company had revenue of $269.22 million for the quarter, compared to analysts' expectations of $248.98 million. During the same period last year, the company earned $0.04 EPS. The firm's revenue for the quarter was up 22.2% compared to the same quarter last year. Equities research analysts forecast that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Mattias Stetz sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $19.30, for a total value of $579,000.00. Following the sale, the chief operating officer directly owned 291,051 shares of the company's stock, valued at approximately $5,617,284.30. This trade represents a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Einar Roosileht sold 70,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $18.95, for a total transaction of $1,326,500.00. Following the completion of the sale, the insider directly owned 876,150 shares in the company, valued at $16,603,042.50. This represents a 7.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,622,185 shares of company stock valued at $40,411,742. 56.94% of the stock is currently owned by corporate insiders.

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.