JPMorgan Chase & Co. Has Lowered Expectations for Rush Street Interactive (NYSE:RSI) Stock Price

Rush Street Interactive (NYSE:RSI) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $30.00 to $22.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 24.72% from the company’s current price.

A number of other equities analysts have also commented on the stock. Jefferies Financial Group restated a “buy” rating and issued a $39.00 price target on shares of Rush Street Interactive in a research report on Thursday, July 30th. Wells Fargo & Company upped their price objective on shares of Rush Street Interactive from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. New Street Research set a $35.00 price objective on shares of Rush Street Interactive in a report on Thursday, July 23rd. Citizens Jmp reiterated a “market outperform” rating and issued a $34.00 target price on shares of Rush Street Interactive in a research note on Tuesday, September 22nd. Finally, Citigroup reiterated a “market outperform” rating on shares of Rush Street Interactive in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rush Street Interactive currently has an average rating of “Moderate Buy” and a consensus price target of $32.36.

Rush Street Interactive Stock Down 2.1%

NYSE:RSI traded down $0.37 during trading hours on Tuesday, reaching $17.64. The company had a trading volume of 846,364 shares, compared to its average volume of 2,472,282. The stock has a 50-day moving average of $23.28 and a two-hundred day moving average of $26.13. Rush Street Interactive has a one year low of $15.51 and a one year high of $34.53. The firm has a market capitalization of $4.09 billion, a PE ratio of 60.92 and a beta of 1.71.

Rush Street Interactive (NYSE:RSI) last posted its earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share for the quarter, hitting the consensus estimate of $0.15. Rush Street Interactive had a net margin of 2.33% and a return on equity of 18.88%. The business had revenue of $393.78 million for the quarter, compared to analyst estimates of $367.75 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The firm’s quarterly revenue was up 46.3% compared to the same quarter last year. As a group, sell-side analysts expect that Rush Street Interactive will post 0.49 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Mattias Stetz sold 20,000 shares of Rush Street Interactive stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $19.87, for a total value of $397,400.00. Following the completion of the transaction, the chief operating officer directly owned 137,874 shares of the company’s stock, valued at $2,739,556.38. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack A. Markell purchased 1,500 shares of Rush Street Interactive stock in a transaction that occurred on Friday, September 25th. The shares were bought at an average price of $19.35 per share, for a total transaction of $29,025.00. Following the transaction, the director owned 18,883 shares in the company, valued at $365,386.05. This represents a 8.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 603,998 shares of company stock worth $14,814,268 over the last ninety days. Company insiders own 52.89% of the company’s stock.

Institutional Investors Weigh In On Rush Street Interactive

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new stake in Rush Street Interactive in the 2nd quarter valued at about $35,000. CoreCap Advisors LLC bought a new position in shares of Rush Street Interactive in the second quarter worth about $54,000. Allworth Financial LP acquired a new position in shares of Rush Street Interactive during the second quarter worth approximately $57,000. Integrated Wealth Concepts LLC acquired a new position in shares of Rush Street Interactive during the second quarter worth approximately $70,000. Finally, Quantbot Technologies LP acquired a new position in shares of Rush Street Interactive during the second quarter worth approximately $98,000. Institutional investors own 24.78% of the company’s stock.

Rush Street Interactive Company Profile

Rush Street Interactive, Inc is an online gaming and sports betting company that operates regulated internet casino and sportsbook platforms. Its primary consumer brands include BetRivers, PlaySugarHouse and RushBet, offering online casino games, sports wagering and related digital gaming products through websites and mobile applications.

The company serves customers in regulated markets across the United States and Latin America, with operations also extending to select international jurisdictions.