Rush Street Interactive (NYSE:RSI) Sets New 52-Week High After Better-Than-Expected Earnings

Key Points

• Rush Street Interactive reached a new 52-week high with shares trading at $18.55 following a stronger-than-expected earnings report, which included earnings per share of $0.11 compared to the estimated $0.08.
• The company's revenue for the quarter was reported at $269.22 million, significantly exceeding the $248.98 million consensus estimate, marking a 22.2% increase year-over-year.
• Multiple analysts have upgraded Rush Street Interactive's stock ratings, with a consensus rating of "Moderate Buy" and an average target price of $17.56, reflecting increasing confidence in the company's performance.

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $18.55 and last traded at $18.36, with a volume of 16969 shares trading hands. The stock had previously closed at $16.06.

The company reported $0.11 earnings per share (EPS) for the quarter, topping 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 company had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. During the same period last year, the business posted $0.04 EPS. The business's quarterly revenue was up 22.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price 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. Susquehanna reissued a "positive" rating and set a $19.00 price target (up from $15.00) on shares of Rush Street Interactive in a report on Wednesday, July 30th. Oppenheimer lifted 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. Jefferies Financial Group boosted their target price on shares of Rush Street Interactive from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Finally, Wall Street Zen raised shares of Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. Two investment 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.89.

Insider Buying and Selling at Rush Street Interactive

In related news, COO Mattias Stetz sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $19.30, for a total transaction of $579,000.00. Following the completion of the transaction, the chief operating officer owned 291,051 shares in the company, valued at approximately $5,617,284.30. The trade was a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Todd Schwartz sold 193,905 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total transaction of $2,984,197.95. Following the completion of the transaction, the chief executive officer owned 1,017,471 shares of the company's stock, valued at $15,658,878.69. This trade represents a 16.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,594,670 shares of company stock valued at $39,044,844. 56.94% of the stock is currently owned by corporate insiders.

Institutional Trading of Rush Street Interactive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of Rush Street Interactive by 45.6% in the fourth quarter. American Century Companies Inc. now owns 147,747 shares of the company's stock valued at $2,027,000 after purchasing an additional 46,293 shares during the period. LPL Financial LLC acquired a new position in shares of Rush Street Interactive in the fourth quarter valued at about $173,000. Vanguard Group Inc. grew its stake in shares of Rush Street Interactive by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 8,596,434 shares of the company's stock valued at $117,943,000 after acquiring an additional 1,056,583 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Rush Street Interactive by 53.0% in the fourth quarter. JPMorgan Chase & Co. now owns 406,094 shares of the company's stock valued at $5,572,000 after acquiring an additional 140,682 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Rush Street Interactive in the fourth quarter valued at about $10,429,000. 24.78% of the stock is owned by institutional investors.

Rush Street Interactive Stock Up 1.7%

The company's 50 day moving average is $14.40 and its 200 day moving average is $13.11. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 98.35 and a beta of 1.89.

Rush Street Interactive Company Profile

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.