Rush Street Interactive (NYSE:RSI) Shares Down 6.3% After Insider Selling

Rush Street Interactive, Inc. (NYSE:RSI) shares traded down 6.3% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $10.91 and last traded at $10.93. 356,313 shares changed hands during trading, a decline of 84% from the average session volume of 2,162,441 shares. The stock had previously closed at $11.67.

Specifically, insider Einar Roosileht sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $11.67, for a total transaction of $816,900.00. Following the transaction, the insider now owns 946,150 shares of the company’s stock, valued at approximately $11,041,570.50. This represents a 6.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Mattias Stetz sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $11.73, for a total transaction of $293,250.00. Following the sale, the chief operating officer now owns 531,089 shares in the company, valued at approximately $6,229,673.97. This trade represents a 4.50 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research analysts have weighed in on RSI shares. JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Wells Fargo & Company raised their price target 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. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price objective on shares of Rush Street Interactive in a research note on Thursday, February 27th. Susquehanna raised shares of Rush Street Interactive from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 28th. Finally, Benchmark boosted their target price on shares of Rush Street Interactive from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 28th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.50.

Rush Street Interactive Price Performance

The business’s 50-day simple moving average is $14.23 and its two-hundred day simple moving average is $12.34. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -546.55 and a beta of 1.92.

Hedge Funds Weigh In On Rush Street Interactive

Several hedge funds and other institutional investors have recently made changes to their positions in RSI. Vanguard Group Inc. raised its position in Rush Street Interactive by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 8,596,434 shares of the company’s stock valued at $117,943,000 after purchasing an additional 1,056,583 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Rush Street Interactive by 62.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,663,246 shares of the company’s stock valued at $36,540,000 after buying an additional 1,018,889 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Rush Street Interactive by 56.6% during the 4th quarter. Driehaus Capital Management LLC now owns 2,200,517 shares of the company’s stock valued at $30,191,000 after buying an additional 795,719 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Rush Street Interactive by 7,958.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,029,239 shares of the company’s stock worth $27,843,000 after acquiring an additional 2,004,059 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Rush Street Interactive by 43.9% in the 4th quarter. Renaissance Technologies LLC now owns 1,962,400 shares of the company’s stock worth $26,924,000 after acquiring an additional 598,300 shares during the period. Institutional investors and hedge funds own 24.78% of the company’s stock.

Rush Street Interactive Company Profile

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.