Rush Street Interactive (NYSE:RSI) Stock Price Down 8.7% - Here's What Happened

Key Points

• Rush Street Interactive's stock dropped 8.7% during trading, closing at $18.52 after a high of $19.25, with volume down 28% from the average.
• Analysts have mixed views, with Benchmark raising its price target from $20 to $24 while JPMorgan increased its target from $16 to $18, resulting in an average rating of "Moderate Buy."
• Insider selling occurred recently, with CEO Richard Todd Schwartz selling 136,738 shares, representing a 13.44% decrease in ownership.

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) traded down 8.7% during trading on Friday . The stock traded as low as $19.25 and last traded at $18.52. 1,194,499 shares traded hands during trading, a decline of 28% from the average session volume of 1,669,550 shares. The stock had previously closed at $20.29.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Benchmark boosted their price objective on shares of Rush Street Interactive from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Oppenheimer boosted their price objective on shares of Rush Street Interactive from $16.00 to $21.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Susquehanna reiterated a "positive" rating and set a $19.00 price objective (up previously from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Rush Street Interactive in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Rush Street Interactive from $16.00 to $18.00 and gave the stock a "neutral" rating in a research note on Thursday. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.78.

Rush Street Interactive Stock Down 10.6%

The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 90.74 and a beta of 1.87. The stock's 50 day moving average price is $20.53 and its two-hundred day moving average price is $15.88.

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 analysts' consensus estimates of $0.08 by $0.03. The firm had revenue of $269.22 million for the quarter, compared to the consensus estimate of $248.98 million. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. The firm's quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 earnings per share. Rush Street Interactive has set its FY 2025 guidance at EPS. On average, analysts predict that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Rush Street Interactive

In other news, Director Judith Gold sold 100,000 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $19.61, for a total value of $1,961,000.00. Following the transaction, the director directly owned 111,629 shares of the company's stock, valued at approximately $2,189,044.69. This trade represents a 47.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Richard Todd Schwartz sold 136,738 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $20.88, for a total transaction of $2,855,089.44. Following the completion of the transaction, the chief executive officer directly owned 880,733 shares in the company, valued at approximately $18,389,705.04. This represents a 13.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,477,847 shares of company stock valued at $28,465,288. Corporate insiders own 56.94% of the company's stock.

Institutional Investors Weigh In On Rush Street Interactive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. increased its position in Rush Street Interactive by 1.3% during the second quarter. Alliancebernstein L.P. now owns 6,214,230 shares of the company's stock worth $92,592,000 after purchasing an additional 80,471 shares during the last quarter. Nuveen LLC acquired a new stake in Rush Street Interactive during the first quarter worth about $29,005,000. William Blair Investment Management LLC increased its position in Rush Street Interactive by 4.8% during the second quarter. William Blair Investment Management LLC now owns 2,675,601 shares of the company's stock worth $39,866,000 after purchasing an additional 121,992 shares during the last quarter. Driehaus Capital Management LLC increased its position in Rush Street Interactive by 12.7% during the first quarter. Driehaus Capital Management LLC now owns 2,480,268 shares of the company's stock worth $26,588,000 after purchasing an additional 279,751 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Rush Street Interactive by 100.9% during the second quarter. Marshall Wace LLP now owns 2,372,671 shares of the company's stock worth $35,353,000 after purchasing an additional 1,191,546 shares during the last quarter. 24.78% of the stock is currently owned by institutional investors and hedge funds.

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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