Rush Street Interactive, Inc. (NYSE:RSI) Position Lessened by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its stake in Rush Street Interactive, Inc. by 68.0%, selling 55,688 shares to hold 26,184 shares valued at $281,000.
• Insider transactions saw a significant number of shares sold, with Director Masi Niccolo De selling 446,094 shares for over $8.1 million, representing a 96.7% decrease in his position.
• Rush Street Interactive reported a 22.2% increase in quarterly revenue year-over-year, achieving earnings of $0.11 per share, exceeding analysts' expectations of $0.08.

Mackenzie Financial Corp cut its position in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 68.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,184 shares of the company's stock after selling 55,688 shares during the quarter. Mackenzie Financial Corp's holdings in Rush Street Interactive were worth $281,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank of America Corp DE grew its holdings in Rush Street Interactive by 28.0% during the fourth quarter. Bank of America Corp DE now owns 563,769 shares of the company's stock valued at $7,735,000 after purchasing an additional 123,305 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Rush Street Interactive by 72.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 542,376 shares of the company's stock worth $5,814,000 after buying an additional 228,187 shares during the period. Calamos Advisors LLC lifted its holdings in shares of Rush Street Interactive by 17.9% during the 1st quarter. Calamos Advisors LLC now owns 540,008 shares of the company's stock valued at $5,789,000 after purchasing an additional 82,067 shares in the last quarter. Two Sigma Investments LP bought a new stake in Rush Street Interactive in the 4th quarter valued at approximately $783,000. Finally, GAMMA Investing LLC increased its position in shares of Rush Street Interactive by 1,687.6% during the 1st quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock worth $70,000 after purchasing an additional 6,143 shares during the last quarter. 24.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RSI. Macquarie restated an "outperform" rating and set a $16.00 price objective on shares of Rush Street Interactive in a research report on Friday, May 2nd. Wall Street Zen raised Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research report on Friday, July 18th. Needham & Company LLC lifted their price target on Rush Street Interactive from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Jefferies Financial Group lifted their price target on Rush Street Interactive from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. started coverage on Rush Street Interactive in a research note on Monday, June 23rd. They issued a "neutral" rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Rush Street Interactive currently has an average rating of "Moderate Buy" and a consensus price target of $17.89.

Rush Street Interactive Stock Down 0.6%

Shares of RSI traded down $0.11 during midday trading on Wednesday, reaching $19.22. The company had a trading volume of 353,821 shares, compared to its average volume of 1,710,765. Rush Street Interactive, Inc. has a 1-year low of $8.76 and a 1-year high of $20.32. The stock has a market cap of $4.39 billion, a PE ratio of 96.09 and a beta of 1.90. The firm has a 50 day simple moving average of $15.34 and a 200-day simple moving average of $13.34.

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 for the quarter, topping analysts' consensus estimates of $0.08 by $0.03. The business had revenue of $269.22 million during the quarter, compared to analysts' expectations 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 revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS. As a group, sell-side analysts anticipate that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rush Street Interactive news, Director Judith Gold sold 100,000 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $19.61, for a total transaction of $1,961,000.00. Following the sale, the director directly owned 111,629 shares in the company, valued at approximately $2,189,044.69. The trade was a 47.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Masi Niccolo De sold 446,094 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $18.35, for a total value of $8,185,824.90. Following the completion of the sale, the director 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. Insiders have sold a total of 2,816,090 shares of company stock valued at $44,026,948 over the last quarter. Company insiders own 56.89% of the company's stock.

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.