Rush Street Interactive (NYSE:RSI) Stock Gets Downgrade from Wall Street Zen

Rush Street Interactive (NYSE:RSI) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other research firms also recently weighed in on RSI. JPMorgan Chase & Co. boosted their target price on Rush Street Interactive from $26.00 to $30.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Benchmark lifted their price objective on Rush Street Interactive from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Citizens Jmp reiterated a “market outperform” rating and issued a $34.00 price objective on shares of Rush Street Interactive in a research report on Tuesday, September 22nd. Needham & Company LLC boosted their price objective on Rush Street Interactive from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Susquehanna cut their target price on shares of Rush Street Interactive from $37.00 to $27.00 and set a “positive” rating on the stock in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.20.

Rush Street Interactive Stock Performance

Shares of NYSE:RSI opened at $18.51 on Friday. Rush Street Interactive has a 52 week low of $15.51 and a 52 week high of $34.53. The company’s fifty day moving average is $23.41 and its 200-day moving average is $26.16. The company has a market capitalization of $4.29 billion, a PE ratio of 63.82 and a beta of 1.71.

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

Insiders Place Their Bets

In related news, CEO Richard Schwartz sold 47,222 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $19.88, for a total value of $938,773.36. Following the completion of the transaction, the chief executive officer directly owned 374,036 shares in the company, valued at approximately $7,435,835.68. The trade was a 11.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jack A. Markell bought 1,500 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were acquired at an average cost of $19.35 per share, with a total value of $29,025.00. Following the completion of the purchase, the director owned 18,883 shares in the company, valued at $365,386.05. This represents a 8.63% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 603,998 shares of company stock worth $14,814,268. 52.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in shares of Rush Street Interactive during the second quarter worth about $35,000. CoreCap Advisors LLC bought a new stake in Rush Street Interactive in the 2nd quarter valued at approximately $54,000. Allworth Financial LP bought a new stake in Rush Street Interactive in the 2nd quarter valued at approximately $57,000. Integrated Wealth Concepts LLC bought a new stake in Rush Street Interactive in the 2nd quarter valued at approximately $70,000. Finally, Quantbot Technologies LP acquired a new position in Rush Street Interactive during the 2nd quarter worth approximately $98,000. Institutional investors and hedge funds 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 consumer-facing brands include BetRivers and PlaySugarHouse, which offer online casino games, sports wagering, and related digital gaming services where permitted by local regulations.

The company serves customers in multiple regulated markets across the United States and Latin America. Its operations have included online sports betting and casino gaming in U.S.