Rush Street Interactive (NYSE:RSI) Downgraded to "Buy" Rating by Wall Street Zen

Wall Street Zen lowered shares of Rush Street Interactive (NYSE:RSI - Free Report) from a strong-buy rating to a buy rating in a report published on Saturday.

RSI has been the topic of a number of other research reports. Benchmark boosted their target price on Rush Street Interactive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price objective on shares of Rush Street Interactive in a research note on Thursday, May 1st. Jefferies Financial Group upped their price objective on shares of Rush Street Interactive from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. began coverage on shares of Rush Street Interactive in a research note on Monday, June 23rd. They issued a "neutral" rating and a $14.00 target price for the company. Finally, Macquarie reaffirmed an "outperform" rating and issued a $16.00 target price on shares of Rush Street Interactive in a report on Friday, May 2nd. 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.com, the company has an average rating of "Moderate Buy" and a consensus price target of $15.89.

Rush Street Interactive Stock Up 1.0%

NYSE:RSI traded up $0.16 during trading hours on Friday, reaching $15.44. 2,186,131 shares of the company's stock were exchanged, compared to its average volume of 1,769,407. Rush Street Interactive has a 1-year low of $8.52 and a 1-year high of $16.78. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 193.02 and a beta of 1.87. The company has a 50-day moving average of $13.10 and a 200 day moving average of $12.94.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Rush Street Interactive had a net margin of 0.87% and a return on equity of 7.35%. 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 firm earned $0.03 earnings per share. The business's quarterly revenue was up 20.7% compared to the same quarter last year. Research analysts forecast that Rush Street Interactive will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard Todd Schwartz sold 193,905 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total value of $2,984,197.95. Following the completion of the sale, the chief executive officer owned 1,017,471 shares in the company, valued at $15,658,878.69. This trade represents a 16.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Masi Niccolo De sold 286,769 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $14.08, for a total transaction of $4,037,707.52. Following the transaction, the director owned 921,884 shares in the company, valued at $12,980,126.72. The trade was a 23.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,158,043 shares of company stock worth $30,224,004. Corporate insiders own 56.89% of the company's stock.

Hedge Funds Weigh In On Rush Street Interactive

Several hedge funds have recently bought and sold shares of RSI. Vanguard Group Inc. boosted its position in Rush Street Interactive by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 8,596,434 shares of the company's stock worth $117,943,000 after purchasing an additional 1,056,583 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Rush Street Interactive by 1,617.7% during the 1st quarter. Alliancebernstein L.P. now owns 6,133,759 shares of the company's stock worth $65,754,000 after buying an additional 5,776,660 shares during the last quarter. Nuveen LLC acquired a new position in shares of Rush Street Interactive during the 1st quarter worth $29,005,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Rush Street Interactive by 62.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,663,246 shares of the company's stock worth $36,540,000 after buying an additional 1,018,889 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its stake in Rush Street Interactive by 12.7% in the 1st quarter. Driehaus Capital Management LLC now owns 2,480,268 shares of the company's stock valued at $26,588,000 after acquiring an additional 279,751 shares during the last quarter. 24.78% of the stock is owned by hedge funds and other institutional investors.

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.