Rush Street Interactive (NYSE:RSI) Reaches New 52-Week High - Here's What Happened

Key Points

• Rush Street Interactive shares reached a new 52-week high at $22.58, reflecting strong investor interest with a trading volume of 409,852 shares.
• Analysts are optimistic about the company, with several brokerages raising their price targets and providing ratings from "buy" to "outperform," resulting in a consensus target price of $18.33.
• Insider activity shows significant stock sales, including a 96.7% decrease in ownership by Director Masi Niccolo De, who sold over 446,000 shares for approximately $8.19 million.

Shares of Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $22.58 and last traded at $22.52, with a volume of 409852 shares trading hands. The stock had previously closed at $22.02.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RSI. Jefferies Financial Group increased their price target on Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. Needham & Company LLC raised their target price on Rush Street Interactive from $17.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. initiated coverage on Rush Street Interactive in a research note on Monday, June 23rd. They set a "neutral" rating and a $14.00 target price for the company. Oppenheimer raised their target price on Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Susquehanna reaffirmed a "positive" rating and set a $19.00 target price (up previously from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Rush Street Interactive presently has an average rating of "Moderate Buy" and a consensus target price of $18.33.

Rush Street Interactive Price Performance

The firm has a fifty day simple moving average of $19.11 and a 200-day simple moving average of $14.70. The firm has a market cap of $5.14 billion, a P/E ratio of 112.55 and a beta of 1.90.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. 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 return on equity of 16.53% and a net margin of 2.48%.The business had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The company's quarterly revenue was up 22.2% on a year-over-year basis. Rush Street Interactive has set its FY 2025 guidance at EPS. On average, equities analysts predict that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Masi Niccolo De sold 446,094 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $18.35, for a total value of $8,185,824.90. Following the transaction, the director owned 15,203 shares in the company, valued at $278,975.05. This trade represents a 96.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of Rush Street Interactive stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $15.39, for a total value of $2,984,197.95. Following 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 disclosure for this sale can be found here. Insiders have sold 1,928,903 shares of company stock worth $34,066,543 over the last three months. Company insiders own 56.94% of the company's stock.

Hedge Funds Weigh In On Rush Street Interactive

Hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its position in shares of Rush Street Interactive by 94.7% in the first quarter. Pacer Advisors Inc. now owns 2,533 shares of the company's stock valued at $27,000 after purchasing an additional 1,232 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Rush Street Interactive in the first quarter valued at $33,000. Heck Capital Advisors LLC purchased a new position in shares of Rush Street Interactive in the fourth quarter valued at $34,000. Farther Finance Advisors LLC purchased a new position in shares of Rush Street Interactive in the second quarter valued at $42,000. Finally, GAMMA Investing LLC grew its position in shares of Rush Street Interactive by 1,687.6% in the first quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock valued at $70,000 after purchasing an additional 6,143 shares in the last quarter. 24.78% of the stock is currently 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.

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