Rush Street Interactive (NYSE:RSI) Reaches New 52-Week High – Time to Buy?

Rush Street Interactive, Inc. (NYSE:RSI) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.60 and last traded at $14.47, with a volume of 288428 shares changing hands. The stock had previously closed at $14.51.

Analyst Ratings Changes

RSI has been the topic of a number of research reports. Jefferies Financial Group upped their target price on Rush Street Interactive from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Needham & Company LLC upped their target price on Rush Street Interactive from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Wells Fargo & Company upped their target price on Rush Street Interactive from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Craig Hallum upped their target price on Rush Street Interactive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Oppenheimer upped their target price on Rush Street Interactive from $10.00 to $14.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.43.

Rush Street Interactive Stock Performance

The firm has a 50 day simple moving average of $11.03 and a two-hundred day simple moving average of $9.91.

Insider Activity

In related news, insider Paul Wierbicki sold 35,000 shares of Rush Street Interactive stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $11.23, for a total value of $393,050.00. Following the completion of the sale, the insider now owns 139,982 shares of the company’s stock, valued at approximately $1,571,997.86. This trade represents a 20.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kyle Sauers sold 25,934 shares of Rush Street Interactive stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $12.30, for a total value of $318,988.20. Following the completion of the sale, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at approximately $4,164,952.20. This trade represents a 7.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,839 shares of company stock valued at $3,145,471 in the last ninety days. 56.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RSI. Vanguard Group Inc. grew its holdings in Rush Street Interactive by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 5,481,219 shares of the company’s stock valued at $35,683,000 after buying an additional 85,736 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of Rush Street Interactive during the 1st quarter valued at about $403,000. SG Americas Securities LLC bought a new stake in shares of Rush Street Interactive during the 2nd quarter valued at about $1,565,000. Assenagon Asset Management S.A. boosted its position in shares of Rush Street Interactive by 157.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,425,016 shares of the company’s stock valued at $13,666,000 after acquiring an additional 872,367 shares during the last quarter. Finally, Calamos Advisors LLC bought a new stake in shares of Rush Street Interactive during the 2nd quarter valued at about $868,000. Hedge funds and other institutional investors own 24.78% 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.