Raymond James Financial Inc. Makes New $1.28 Million Investment in Rush Street Interactive, Inc. (NYSE:RSI)

Raymond James Financial Inc. acquired a new stake in Rush Street Interactive, Inc. (NYSE:RSI - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 93,410 shares of the company's stock, valued at approximately $1,282,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of RSI. Intech Investment Management LLC bought a new stake in shares of Rush Street Interactive during the third quarter valued at approximately $192,000. Charles Schwab Investment Management Inc. increased its position in Rush Street Interactive by 26.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 741,862 shares of the company's stock valued at $8,049,000 after acquiring an additional 154,785 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Rush Street Interactive during the 3rd quarter valued at $44,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Rush Street Interactive during the 3rd quarter worth $656,000. Finally, Verition Fund Management LLC grew its stake in shares of Rush Street Interactive by 65.1% in the third quarter. Verition Fund Management LLC now owns 158,721 shares of the company's stock worth $1,722,000 after purchasing an additional 62,556 shares in the last quarter. Institutional investors own 24.78% of the company's stock.

Rush Street Interactive Stock Up 3.1 %

Rush Street Interactive stock traded up $0.31 during mid-day trading on Monday, hitting $10.53. The company's stock had a trading volume of 2,049,047 shares, compared to its average volume of 1,884,448. The stock has a market capitalization of $2.40 billion, a P/E ratio of -526.60 and a beta of 1.90. Rush Street Interactive, Inc. has a twelve month low of $5.71 and a twelve month high of $16.78. The stock's fifty day moving average price is $12.55 and its two-hundred day moving average price is $12.55.

Insider Buying and Selling

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 109,567 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $9.85, for a total transaction of $1,079,234.95. Following the completion of the sale, the chief executive officer now directly owns 2,082,376 shares of the company's stock, valued at approximately $20,511,403.60. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Wierbicki sold 7,500 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $2,090,805. The trade was a 5.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,034 shares of company stock worth $11,499,975 in the last three months. 56.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RSI shares. Benchmark upped their price objective on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Jefferies Financial Group upped their price target on shares of Rush Street Interactive from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. Susquehanna upgraded shares of Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 28th. JMP Securities restated a "market perform" rating on shares of Rush Street Interactive in a research report on Monday, January 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price target on shares of Rush Street Interactive in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $15.50.

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.