Point72 Asset Management L.P. Grows Holdings in Rush Street Interactive, Inc. (NYSE:RSI)

Point72 Asset Management L.P. lifted its position in shares of Rush Street Interactive, Inc. (NYSE:RSI) by 307.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,064 shares of the company’s stock after buying an additional 76,243 shares during the quarter. Point72 Asset Management L.P.’s holdings in Rush Street Interactive were worth $1,097,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Rush Street Interactive in the 2nd quarter worth approximately $1,565,000. Assenagon Asset Management S.A. increased its stake in Rush Street Interactive by 157.9% in the second quarter. Assenagon Asset Management S.A. now owns 1,425,016 shares of the company’s stock valued at $13,666,000 after purchasing an additional 872,367 shares during the last quarter. Calamos Advisors LLC purchased a new position in Rush Street Interactive during the second quarter worth about $868,000. Bank of New York Mellon Corp boosted its stake in Rush Street Interactive by 40.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,514 shares of the company’s stock worth $2,422,000 after buying an additional 72,831 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in Rush Street Interactive in the 2nd quarter valued at about $98,000. Institutional investors and hedge funds own 24.78% of the company’s stock.

Rush Street Interactive Stock Up 2.0 %

Shares of RSI stock opened at $13.51 on Wednesday. Rush Street Interactive, Inc. has a fifty-two week low of $3.56 and a fifty-two week high of $14.92. The firm’s 50 day moving average price is $11.83 and its two-hundred day moving average price is $10.33. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -675.50 and a beta of 1.88.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Craig Hallum increased their price objective on shares of Rush Street Interactive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their price target on shares of Rush Street Interactive from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC boosted their price objective on shares of Rush Street Interactive from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Rush Street Interactive currently has an average rating of “Moderate Buy” and an average price target of $12.43.

Insider Activity

In other news, COO Mattias Stetz sold 25,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $14.50, for a total value of $362,500.00. Following the completion of the transaction, the chief operating officer now directly owns 550,484 shares in the company, valued at approximately $7,982,018. This represents a 4.34 % 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 103,905 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $11.02, for a total transaction of $1,145,033.10. Following the sale, the chief executive officer now directly owns 1,703,578 shares of the company’s stock, valued at approximately $18,773,429.56. The trade was a 5.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 357,595 shares of company stock valued at $4,224,380. Company insiders own 56.89% of the company’s stock.

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.