Rush Street Interactive (NYSE:RSI) Trading Down 7.1% – Here’s Why

Rush Street Interactive, Inc. (NYSE:RSIGet Free Report)’s stock price dropped 7.1% on Thursday . The company traded as low as $9.89 and last traded at $9.83. Approximately 375,792 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,834,211 shares. The stock had previously closed at $10.58.

Wall Street Analyst Weigh In

RSI has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price 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. Macquarie reaffirmed an “outperform” rating and issued a $16.00 target price on shares of Rush Street Interactive in a research report 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. JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research report on Monday, January 6th. Finally, Benchmark increased their price objective on shares of Rush Street Interactive from $12.00 to $14.00 and gave the company a “buy” rating in a research 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. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $15.50.

Check Out Our Latest Research Report on Rush Street Interactive

Rush Street Interactive Trading Down 8.8 %

The firm has a market cap of $2.20 billion, a P/E ratio of -482.25 and a beta of 1.92. The company’s 50 day simple moving average is $13.89 and its 200-day simple moving average is $12.37.

Insider Buying and Selling at Rush Street Interactive

In other news, Director Judith Gold sold 118,001 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 21,999 shares in the company, valued at $298,086.45. This represents a 84.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Wierbicki sold 7,500 shares of the stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $15.00, for a total transaction of $112,500.00. Following the completion of the transaction, the insider now owns 139,387 shares in the company, valued at $2,090,805. This trade represents a 5.11 % 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 worth $12,870,812. Company insiders own 56.89% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors have recently made changes to their positions in RSI. Price T Rowe Associates Inc. MD lifted its stake in shares of Rush Street Interactive by 7,958.9% in 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 purchasing an additional 2,004,059 shares during the period. Topline Capital Management LLC bought a new stake in Rush Street Interactive during the 4th quarter worth approximately $24,851,000. William Blair Investment Management LLC bought a new stake in Rush Street Interactive during the 4th quarter worth approximately $21,635,000. Nicholas Investment Partners LP bought a new stake in Rush Street Interactive during the 4th quarter worth approximately $14,970,000. Finally, 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 worth $117,943,000 after acquiring an additional 1,056,583 shares during the period. Institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

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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.

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