Russell Investments Group Ltd. Purchases 278,419 Shares of Rush Street Interactive, Inc. $RSI

Key Points

• Russell Investments Group Ltd. increased its stake in Rush Street Interactive by 43.6%, acquiring an additional 278,419 shares during the first quarter, bringing its total ownership to approximately 917,711 shares worth $9.84 million.
• Research firms raised their price targets for Rush Street Interactive, with Benchmark and Needham & Company setting new targets of $20.00 and $21.00 respectively, both maintaining a "buy" rating on the stock.
• A significant insider sell-off occurred, with Director Masi Niccolo De selling 446,094 shares on July 31, leading to nearly a 97% decrease in their ownership of the stock.

Russell Investments Group Ltd. lifted its stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) by 43.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 917,711 shares of the company's stock after purchasing an additional 278,419 shares during the period. Russell Investments Group Ltd. owned 0.40% of Rush Street Interactive worth $9,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RSI. LPL Financial LLC acquired a new stake in shares of Rush Street Interactive in the fourth quarter valued at approximately $173,000. Wells Fargo & Company MN grew its holdings in Rush Street Interactive by 32.4% during the 4th quarter. Wells Fargo & Company MN now owns 87,551 shares of the company's stock worth $1,201,000 after acquiring an additional 21,418 shares during the period. Cerity Partners LLC grew its holdings in Rush Street Interactive by 22.4% during the 4th quarter. Cerity Partners LLC now owns 15,031 shares of the company's stock worth $205,000 after acquiring an additional 2,753 shares during the period. Invesco Ltd. grew its holdings in Rush Street Interactive by 16.4% during the 4th quarter. Invesco Ltd. now owns 453,088 shares of the company's stock worth $6,216,000 after acquiring an additional 63,917 shares during the period. Finally, Legal & General Group Plc grew its holdings in Rush Street Interactive by 21.4% during the 4th quarter. Legal & General Group Plc now owns 93,375 shares of the company's stock worth $1,281,000 after acquiring an additional 16,456 shares during the period. Institutional investors and hedge funds own 24.78% of the company's stock.

Rush Street Interactive Stock Up 3.8%

RSI traded up $0.7620 during trading on Friday, hitting $20.9320. The company had a trading volume of 2,278,613 shares, compared to its average volume of 2,240,783. The company has a market capitalization of $4.78 billion, a PE ratio of 104.66 and a beta of 1.90. Rush Street Interactive, Inc. has a one year low of $8.76 and a one year high of $21.09. The firm's 50-day moving average price is $16.36 and its 200 day moving average price is $13.62.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.11 EPS for the quarter, beating 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 business had revenue of $269.22 million for the quarter, compared to analysts' expectations of $248.98 million. During the same period in the previous year, the firm posted $0.04 EPS. The firm's revenue was up 22.2% compared to the same quarter last year. Rush Street Interactive has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RSI. Benchmark boosted their price target 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. JPMorgan Chase & Co. began coverage on shares of Rush Street Interactive in a report on Monday, June 23rd. They issued a "neutral" rating and a $14.00 price target for the company. Jefferies Financial Group boosted their price target on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Oppenheimer boosted their price target on shares of Rush Street Interactive from $16.00 to $21.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, 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. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.89.

Insider Activity

In other Rush Street Interactive news, insider Paul Wierbicki sold 35,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $19.45, for a total transaction of $680,750.00. Following the sale, the insider directly owned 91,705 shares of the company's stock, valued at $1,783,662.25. The trade was a 27.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Judith Gold sold 100,000 shares of the business's stock in a transaction dated 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 $2,189,044.69. This trade represents a 47.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,816,090 shares of company stock worth $44,026,948. 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.