Rush Street Interactive (NYSE:RSI) Shares Up 9.1% – Time to Buy?

Rush Street Interactive, Inc. (NYSE:RSI) shares rose 9.1% during mid-day trading on Friday . The company traded as high as $10.58 and last traded at $10.57. Approximately 682,405 shares were traded during trading, a decline of 63% from the average daily volume of 1,839,267 shares. The stock had previously closed at $9.68.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RSI. JMP Securities restated a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Benchmark increased their price objective on Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rush Street Interactive in a report on Thursday, February 27th. Wells Fargo & Company upped their price objective on shares of Rush Street Interactive from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Finally, Susquehanna raised Rush Street Interactive from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 28th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $15.50.

Rush Street Interactive Trading Up 11.0 %

The firm has a market cap of $2.45 billion, a PE ratio of -535.55 and a beta of 1.92. The firm has a fifty day simple moving average of $13.89 and a two-hundred day simple moving average of $12.37.

Insider Activity

In other Rush Street Interactive news, Director Judith Gold sold 118,001 shares of the company’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 sale, the director now owns 21,999 shares in the company, valued at approximately $298,086.45. This represents a 84.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Todd Schwartz sold 149,605 shares of Rush Street Interactive stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $14.61, for a total value of $2,185,729.05. Following the transaction, the chief executive officer now owns 2,151,648 shares of the company’s stock, valued at $31,435,577.28. The trade was a 6.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 960,164 shares of company stock valued at $12,870,812. Corporate insiders own 56.89% of the company’s stock.

Institutional Trading of Rush Street Interactive

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

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.