Rush Street Interactive, Inc. (NYSE:RSI) Shares Bought 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. increased its position in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 57.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 about 0.61% of Rush Street Interactive worth $14,964,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. XTX Topco Ltd increased its stake in Rush Street Interactive by 100.7% during the 1st quarter. XTX Topco Ltd now owns 54,817 shares of the company's stock worth $588,000 after buying an additional 27,499 shares during the period. Bryce Point Capital LLC bought a new stake in shares of Rush Street Interactive in the 1st quarter worth about $724,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Rush Street Interactive by 19.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,935 shares of the company's stock worth $267,000 after purchasing an additional 4,133 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Rush Street Interactive by 94.7% in 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 last quarter. Finally, Westover Capital Advisors LLC bought a new stake in shares of Rush Street Interactive in the 1st quarter worth about $549,000. Hedge funds and other institutional investors own 24.78% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Benchmark boosted 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 report on Thursday, July 31st. Wall Street Zen raised shares of Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. Macquarie reiterated an "outperform" rating and set a $16.00 price objective 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 report on Thursday, July 31st. Finally, 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 report on Thursday, July 31st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.89.

Insider Transactions at Rush Street Interactive

In other Rush Street Interactive 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 completion of the transaction, the director directly owned 15,203 shares of the company's stock, valued at $278,975.05. The trade was a 96.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total transaction of $2,984,197.95. Following the transaction, the chief executive officer directly owned 1,017,471 shares of the company's stock, valued at $15,658,878.69. The trade was a 16.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,729,670 shares of company stock valued at $41,686,594 over the last three months. 56.89% of the stock is currently owned by company insiders.

Rush Street Interactive Trading Up 0.5%

Rush Street Interactive stock traded up $0.09 during midday trading on Wednesday, reaching $19.25. 106,757 shares of the stock traded hands, compared to its average volume of 1,724,024. The firm has a fifty day moving average price of $14.70 and a two-hundred day moving average price of $13.18. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of 96.29 and a beta of 1.90. Rush Street Interactive, Inc. has a fifty-two week low of $8.76 and a fifty-two week high of $20.32.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The firm had revenue of $269.22 million during 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 revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. Analysts anticipate that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

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.