Rush Street Interactive (NYSE:RSI) Shares Gap Up to $10.60

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.60, but opened at $10.91. Rush Street Interactive shares last traded at $10.75, with a volume of 173,494 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Craig Hallum increased their target price on Rush Street Interactive from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Wells Fargo & Company raised their price objective on shares of Rush Street Interactive from $11.00 to $13.00 and gave the stock an "overweight" rating in a report on Thursday, August 1st. Oppenheimer upped their target price on shares of Rush Street Interactive from $10.00 to $14.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC increased their target price on Rush Street Interactive from $10.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.17.

Rush Street Interactive Price Performance

The business's 50-day moving average is $9.69 and its two-hundred day moving average is $8.51. The firm has a market cap of $2.40 billion, a P/E ratio of -62.71 and a beta of 1.78.

Rush Street Interactive (NYSE:RSI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.06. The firm had revenue of $220.38 million during the quarter, compared to the consensus estimate of $201.37 million. Rush Street Interactive had a negative return on equity of 12.45% and a negative net margin of 0.84%. The business's revenue was up 33.5% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. Equities research analysts predict that Rush Street Interactive, Inc. will post -0.01 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Richard Todd Schwartz sold 78,593 shares of the business's stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $9.56, for a total transaction of $751,349.08. Following the completion of the sale, the chief executive officer now owns 1,984,404 shares in the company, valued at $18,970,902.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Rush Street Interactive news, insider Paul Wierbicki sold 20,437 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $9.53, for a total transaction of $194,764.61. Following the sale, the insider now directly owns 174,982 shares in the company, valued at $1,667,578.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Todd Schwartz sold 78,593 shares of Rush Street Interactive stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $9.56, for a total transaction of $751,349.08. Following the completion of the transaction, the chief executive officer now directly owns 1,984,404 shares in the company, valued at $18,970,902.24. The disclosure for this sale can be found here. Insiders have sold a total of 548,210 shares of company stock valued at $5,179,362 over the last 90 days. 56.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rush Street Interactive

A number of institutional investors have recently modified their holdings of RSI. Quarry LP boosted its position in Rush Street Interactive by 15.9% in the second quarter. Quarry LP now owns 8,762 shares of the company's stock valued at $84,000 after buying an additional 1,200 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Rush Street Interactive during the 2nd quarter worth approximately $98,000. Allspring Global Investments Holdings LLC increased its position in Rush Street Interactive by 13,627.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company's stock valued at $78,000 after acquiring an additional 11,856 shares during the period. Aigen Investment Management LP bought a new position in shares of Rush Street Interactive during the fourth quarter valued at $90,000. Finally, Dark Forest Capital Management LP bought a new stake in shares of Rush Street Interactive in the second quarter worth $196,000. Institutional investors and hedge funds 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.