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

Rush Street Interactive, Inc. (NYSE:RSI)’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.

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

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.