Rush Street Interactive (NYSE:RSI) Shares Gap Up on Strong Earnings

Rush Street Interactive, Inc. (NYSE:RSI)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $10.01, but opened at $11.50. Rush Street Interactive shares last traded at $11.50, with a volume of 723,703 shares changing hands.

The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.06. Rush Street Interactive had a negative return on equity of 15.68% and a negative net margin of 1.58%. The company had revenue of $220.38 million during the quarter, compared to analysts’ expectations of $201.37 million. During the same period in the prior year, the firm earned ($0.08) earnings per share. Rush Street Interactive’s revenue for the quarter was up 33.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RSI shares. Craig Hallum increased their price objective on shares of Rush Street Interactive from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Wells Fargo & Company increased their price target on Rush Street Interactive from $11.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday. Oppenheimer upped their price objective on Rush Street Interactive from $10.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Needham & Company LLC increased their price objective on Rush Street Interactive from $10.00 to $14.00 and gave the company a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $10.50.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. acquired a new stake in Rush Street Interactive in the 2nd quarter worth about $98,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Rush Street Interactive by 13,627.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company’s stock valued at $78,000 after buying an additional 11,856 shares during the period. SG Americas Securities LLC grew its position in Rush Street Interactive by 33.2% during the fourth quarter. SG Americas Securities LLC now owns 15,108 shares of the company’s stock worth $68,000 after buying an additional 3,764 shares in the last quarter. Aigen Investment Management LP bought a new position in Rush Street Interactive during the 4th quarter worth $90,000. Finally, North Star Investment Management Corp. raised its holdings in Rush Street Interactive by 303.9% in the 1st quarter. North Star Investment Management Corp. now owns 20,600 shares of the company’s stock valued at $134,000 after acquiring an additional 15,500 shares in the last quarter. Institutional investors and hedge funds own 24.78% of the company’s stock.

Rush Street Interactive Trading Up 11.9 %

The stock has a market capitalization of $2.52 billion, a P/E ratio of -67.29 and a beta of 1.79. The business has a 50-day moving average price of $9.33 and a two-hundred day moving average price of $7.36.

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.