Rush Street Interactive (NYSE:RSI) Shares Gap Up – Here’s Why

Shares of Rush Street Interactive, Inc. (NYSE:RSI) gapped up before the market opened on Tuesday . The stock had previously closed at $21.57, but opened at $22.52. Rush Street Interactive shares last traded at $22.8250, with a volume of 199,038 shares traded.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Citigroup reaffirmed a “market outperform” rating on shares of Rush Street Interactive in a research note on Tuesday. New Street Research set a $35.00 target price on Rush Street Interactive in a research report on Thursday, July 23rd. Benchmark increased their target price on Rush Street Interactive from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price target on shares of Rush Street Interactive from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Susquehanna boosted their price target on shares of Rush Street Interactive from $30.00 to $36.00 and gave the company a “positive” rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.10.

Rush Street Interactive Price Performance

The stock’s 50 day simple moving average is $27.37 and its two-hundred day simple moving average is $26.32. The stock has a market capitalization of $5.19 billion, a PE ratio of 77.15 and a beta of 1.51.

Rush Street Interactive (NYSE:RSI) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, hitting the consensus estimate of $0.15. The company had revenue of $393.78 million during the quarter, compared to the consensus estimate of $367.75 million. Rush Street Interactive had a net margin of 2.33% and a return on equity of 18.88%. Rush Street Interactive’s revenue for the quarter was up 46.3% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. As a group, equities research analysts predict that Rush Street Interactive, Inc. will post 0.49 earnings per share for the current fiscal year.

Insider Activity

In other Rush Street Interactive news, COO Mattias Stetz sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $25.68, for a total transaction of $513,600.00. Following the sale, the chief operating officer owned 157,874 shares in the company, valued at $4,054,204.32. This trade represents a 11.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 111,110 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $25.69, for a total value of $2,854,415.90. Following the completion of the sale, the chief executive officer owned 421,258 shares of the company’s stock, valued at $10,822,118.02. The trade was a 20.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 614,000 shares of company stock worth $17,394,492. 52.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Rush Street Interactive

Several large investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC purchased a new stake in Rush Street Interactive in the second quarter worth $1,323,000. Integrated Wealth Concepts LLC purchased a new position in Rush Street Interactive during the second quarter valued at $70,000. Allworth Financial LP boosted its holdings in shares of Rush Street Interactive by 38.1% during the 2nd quarter. Allworth Financial LP now owns 1,917 shares of the company’s stock valued at $57,000 after buying an additional 529 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Rush Street Interactive by 11.4% during the 2nd quarter. Arizona State Retirement System now owns 30,002 shares of the company’s stock valued at $892,000 after buying an additional 3,081 shares in the last quarter. Finally, Corient Private Wealth LP grew its position in shares of Rush Street Interactive by 14.7% in the 2nd quarter. Corient Private Wealth LP now owns 75,364 shares of the company’s stock worth $2,241,000 after buying an additional 9,687 shares during the period. Institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc (NYSE: RSI) is an online gaming and sports betting company that operates digital casino, sportsbook and related gaming platforms. Its consumer-facing brands include BetRivers and PlaySugarHouse, which offer mobile and online wagering products such as sports betting, internet casino games and, in certain markets, online poker.

The company operates primarily in regulated markets across the United States and Canada, as well as select Latin American jurisdictions.