Federated Hermes Inc. Sells 403,370 Shares of Rush Street Interactive, Inc. (NYSE:RSI)

Key Points

• Federated Hermes Inc. reduced its stake in Rush Street Interactive by 29.6% in Q1, now holding approximately $10.3 million worth of shares.
• Several analysts upgraded their price targets for Rush Street Interactive, with Benchmark setting a new price objective at $20.00, reflecting a positive outlook for the stock.
• Insiders sold a total of 2,594,670 shares of Rush Street Interactive in the last three months, representing a significant decrease in their positions, with a majority of the stock still owned by insiders at 56.94%.

Federated Hermes Inc. reduced its stake in shares of Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 961,619 shares of the company's stock after selling 403,370 shares during the period. Federated Hermes Inc. owned 0.42% of Rush Street Interactive worth $10,309,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

RSI has been the topic of several research reports. Benchmark upped their price objective on shares of Rush Street Interactive from $17.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Jefferies Financial Group raised their price objective on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Macquarie reissued an "outperform" rating and issued a $16.00 price target on shares of Rush Street Interactive in a report on Friday, May 2nd. Needham & Company LLC lifted their price target on shares of Rush Street Interactive from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, 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 price objective for the company. Two equities 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $17.89.

Rush Street Interactive Trading Up 1.9%

Shares of Rush Street Interactive stock traded up $0.37 on Wednesday, reaching $19.53. 528,630 shares of the stock were exchanged, compared to its average volume of 1,726,835. The business has a fifty day moving average price of $14.70 and a two-hundred day moving average price of $13.18. Rush Street Interactive, Inc. has a 1-year low of $8.76 and a 1-year high of $20.32. The firm has a market capitalization of $4.47 billion, a PE ratio of 97.53 and a beta of 1.90.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted 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 company had revenue of $269.22 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $0.04 earnings per share. Research analysts expect that Rush Street Interactive, Inc. will post 0.04 EPS for the current year.

Insider Activity at Rush Street Interactive

In other Rush Street Interactive news, Director Masi Niccolo De sold 446,094 shares of the 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 sale, the director owned 15,203 shares of the company's stock, valued at $278,975.05. This represents a 96.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Wierbicki sold 35,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $19.45, for a total transaction of $680,750.00. Following the sale, the insider owned 91,705 shares in the company, valued at $1,783,662.25. This trade represents a 27.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,729,670 shares of company stock worth $41,686,594 in the last three months. 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.