Rush Street Interactive, Inc. (NYSE:RSI) Sees Large Increase in Short Interest

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 9,090,000 shares, an increase of 18.7% from the February 13th total of 7,660,000 shares. Currently, 9.3% of the shares of the stock are sold short. Based on an average trading volume of 2,010,000 shares, the days-to-cover ratio is currently 4.5 days.

Rush Street Interactive Stock Up 0.1 %

Shares of RSI traded up $0.02 during mid-day trading on Friday, hitting $10.95. 1,815,963 shares of the company traded hands, compared to its average volume of 1,836,276. The company has a market capitalization of $2.50 billion, a PE ratio of -547.25 and a beta of 1.92. The business has a 50 day moving average of $13.38 and a 200 day moving average of $12.44. Rush Street Interactive has a 1-year low of $5.71 and a 1-year high of $16.78.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RSI shares. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 target price on shares of Rush Street Interactive in a research report on Thursday, February 27th. Jefferies Financial Group upped their price objective 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. Wells Fargo & Company lifted their price objective on shares of Rush Street Interactive from $14.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, February 27th. Susquehanna upgraded Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a report on Friday, February 28th. Finally, Macquarie reissued an "outperform" rating and issued a $16.00 price target on shares of Rush Street Interactive in a research report on Thursday, February 27th. One investment 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 MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $15.50.

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Insider Buying and Selling

In related news, CFO Kyle Sauers sold 146,015 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $13.91, for a total transaction of $2,031,068.65. Following the sale, the chief financial officer now owns 433 shares of the company's stock, valued at $6,023.03. This represents a 99.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Todd Schwartz sold 109,567 shares of Rush Street Interactive stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.85, for a total transaction of $1,079,234.95. Following the completion of the transaction, the chief executive officer now directly owns 2,082,376 shares of the company's stock, valued at $20,511,403.60. The trade was a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 988,545 shares of company stock worth $13,174,489. 56.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Rush Street Interactive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC grew its holdings in Rush Street Interactive by 0.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 260,380 shares of the company's stock worth $3,572,000 after acquiring an additional 1,087 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rush Street Interactive by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,270 shares of the company's stock worth $594,000 after purchasing an additional 1,632 shares in the last quarter. R Squared Ltd purchased a new stake in Rush Street Interactive in the 4th quarter worth approximately $28,000. Arizona State Retirement System grew its stake in shares of Rush Street Interactive by 11.0% during the 4th quarter. Arizona State Retirement System now owns 22,913 shares of the company's stock worth $314,000 after purchasing an additional 2,265 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Rush Street Interactive by 6.3% during the 4th quarter. Tidal Investments LLC now owns 38,360 shares of the company's stock valued at $526,000 after purchasing an additional 2,280 shares in the last quarter. Institutional investors and hedge funds own 24.78% of the company's stock.

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.