Tidal Investments LLC Makes New $1.32 Million Investment in Rush Street Interactive, Inc. $RSI

Key Points

• Tidal Investments acquired 44,482 shares of Rush Street Interactive worth approximately $1.32 million during the second quarter. Institutional ownership now accounts for 24.78% of the company.
• Rush Street Interactive reported quarterly revenue of $393.78 million, up 46.3% year over year and above analyst estimates, while EPS of $0.15 matched consensus.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $35.22 price target; however, insiders sold 614,000 shares worth $17.4 million over the past 90 days.

Tidal Investments LLC acquired a new stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 44,482 shares of the company's stock, valued at approximately $1,323,000.

Other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Rush Street Interactive in the second quarter valued at $448,435,000. William Blair Investment Management LLC purchased a new position in shares of Rush Street Interactive during the second quarter worth about $48,647,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Rush Street Interactive by 84.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,764,173 shares of the company's stock worth $60,121,000 after buying an additional 1,267,622 shares during the last quarter. Bank of America Corp DE acquired a new position in Rush Street Interactive in the 2nd quarter valued at about $34,015,000. Finally, Cooper Creek Partners Management LLC acquired a new position in Rush Street Interactive in the 1st quarter valued at about $24,874,000. 24.78% of the stock is owned by hedge funds and other institutional investors.

Rush Street Interactive Stock Performance

Rush Street Interactive stock opened at $23.34 on Friday. Rush Street Interactive, Inc. has a fifty-two week low of $15.51 and a fifty-two week high of $34.53. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 80.50 and a beta of 1.51. The stock's fifty day moving average is $27.62 and its two-hundred day moving average is $26.26.

Rush Street Interactive (NYSE:RSI - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.15. Rush Street Interactive had a return on equity of 18.88% and a net margin of 2.33%.The business had revenue of $393.78 million during the quarter, compared to the consensus estimate of $367.75 million. During the same quarter in the previous year, the company posted $0.11 EPS. The business's revenue was up 46.3% on a year-over-year basis. As a group, sell-side analysts forecast that Rush Street Interactive, Inc. will post 0.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Weiss Ratings raised Rush Street Interactive from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday. Jefferies Financial Group reiterated a "buy" rating and issued a $39.00 target price on shares of Rush Street Interactive in a research note on Thursday, July 30th. Needham & Company LLC boosted their target price on Rush Street Interactive from $33.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Wells Fargo & Company upped their price target on Rush Street Interactive from $35.00 to $36.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Rush Street Interactive from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Rush Street Interactive has a consensus rating of "Moderate Buy" and a consensus target price of $35.22.

Insider Activity at Rush Street Interactive

In other Rush Street Interactive news, COO Mattias Stetz sold 20,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $31.22, for a total value of $624,400.00. Following the sale, the chief operating officer directly owned 197,874 shares of the company's stock, valued at approximately $6,177,626.28. This trade represents a 9.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kyle Sauers sold 23,000 shares of Rush Street Interactive stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.65, for a total value of $612,950.00. Following the completion of the sale, the chief financial officer owned 629,526 shares of the company's stock, valued at $16,776,867.90. This trade represents a 3.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 614,000 shares of company stock valued at $17,394,492. Company insiders own 52.89% of the company's stock.

Rush Street Interactive Profile

Rush Street Interactive, Inc NYSE: RSI is an online gaming and sports betting company that operates digital casino, sportsbook and related gaming platforms. Its consumer-facing brands include BetRivers and PlaySugarHouse, which offer mobile and online wagering products such as sports betting, internet casino games and, in certain markets, online poker.

The company operates primarily in regulated markets across the United States and Canada, as well as select Latin American jurisdictions.

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