Pekin Hardy Strauss Inc. Makes New $560,000 Investment in Rush Street Interactive, Inc. (NYSE:RSI)

Pekin Hardy Strauss Inc. purchased a new stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 52,240 shares of the company's stock, valued at approximately $560,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Heck Capital Advisors LLC bought a new stake in shares of Rush Street Interactive in the 4th quarter valued at $34,000. WealthTrak Capital Management LLC acquired a new stake in Rush Street Interactive in the fourth quarter worth $71,000. GAMMA Investing LLC increased its stake in Rush Street Interactive by 1,687.6% in the first quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock valued at $70,000 after purchasing an additional 6,143 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Rush Street Interactive in the fourth quarter valued at $95,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Rush Street Interactive during the fourth quarter valued at about $148,000. 24.78% of the stock is currently owned by institutional investors.

Rush Street Interactive Stock Up 1.5%

Shares of Rush Street Interactive stock opened at $15.27 on Tuesday. Rush Street Interactive, Inc. has a 52 week low of $8.52 and a 52 week high of $16.78. The business has a 50 day moving average price of $13.04 and a 200-day moving average price of $12.92. The company has a market cap of $3.50 billion, a PE ratio of 190.90 and a beta of 1.87.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. Rush Street Interactive had a return on equity of 7.35% and a net margin of 0.87%. The business had revenue of $262.41 million during the quarter, compared to the consensus estimate of $258.90 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Rush Street Interactive's revenue was up 20.7% compared to the same quarter last year. As a group, research analysts anticipate that Rush Street Interactive, Inc. will post 0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on RSI shares. Benchmark raised their target price on Rush Street Interactive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. 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 price objective for the company. Jefferies Financial Group boosted their price objective on Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 target price on shares of Rush Street Interactive in a research report on Thursday, May 1st. Finally, Wall Street Zen cut Rush Street Interactive from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.89.

Insider Activity

In other Rush Street Interactive news, COO Mattias Stetz sold 25,000 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $15.00, for a total value of $375,000.00. Following the transaction, the chief operating officer owned 321,051 shares of the company's stock, valued at approximately $4,815,765. The trade was a 7.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Todd Schwartz sold 70,000 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $13.67, for a total value of $956,900.00. Following the completion of the transaction, the chief executive officer owned 1,211,376 shares of the company's stock, valued at $16,559,509.92. This trade represents a 5.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,518,044 shares of company stock valued at $20,479,457. 56.89% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.