Rush Street Interactive (NYSE:RSI) Shares Down 7.1% – Time to Sell?

Rush Street Interactive, Inc. (NYSE:RSI) traded down 7.1% during trading on Thursday . The company traded as low as $9.89 and last traded at $9.83. 375,792 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,834,211 shares. The stock had previously closed at $10.58.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Macquarie restated an “outperform” rating and issued a $16.00 target price on shares of Rush Street Interactive in a research note on Thursday, February 27th. Wells Fargo & Company increased their price objective on Rush Street Interactive from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Susquehanna upgraded Rush Street Interactive from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 28th. Finally, Benchmark increased their price objective on Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $15.50.

Rush Street Interactive Stock Up 11.0 %

The firm has a fifty day moving average price of $13.73 and a 200 day moving average price of $12.36. The company has a market cap of $2.45 billion, a P/E ratio of -537.25 and a beta of 1.92.

Insider Activity at Rush Street Interactive

In related news, CEO Richard Todd Schwartz sold 109,567 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.85, for a total value of $1,079,234.95. Following the transaction, the chief executive officer now owns 2,082,376 shares in the company, valued at $20,511,403.60. This trade represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Judith Gold sold 118,001 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $13.55, for a total value of $1,598,913.55. Following the completion of the transaction, the director now owns 21,999 shares in the company, valued at approximately $298,086.45. This represents a 84.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 960,164 shares of company stock worth $12,870,812 over the last 90 days. Insiders own 56.89% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Several hedge funds have recently added to or reduced their stakes in RSI. Principal Financial Group Inc. boosted its holdings in Rush Street Interactive by 656.2% during the third quarter. Principal Financial Group Inc. now owns 77,658 shares of the company’s stock worth $843,000 after buying an additional 67,388 shares during the last quarter. Entropy Technologies LP bought a new position in Rush Street Interactive during the third quarter worth about $175,000. Victory Capital Management Inc. bought a new position in Rush Street Interactive during the third quarter worth about $546,000. Caprock Group LLC bought a new position in Rush Street Interactive during the third quarter worth about $4,178,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rush Street Interactive by 72.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company’s stock worth $8,907,000 after buying an additional 344,276 shares during the last quarter. 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.