Rush Street Interactive (NYSE:RSI) Shares Gap Down - Here's Why

Shares of Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $13.30, but opened at $12.50. Rush Street Interactive shares last traded at $11.69, with a volume of 1,047,941 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Macquarie reissued an "outperform" rating and issued a $16.00 price objective on shares of Rush Street Interactive in a report on Thursday. Wells Fargo & Company raised their target price on Rush Street Interactive from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Thursday. JMP Securities reaffirmed a "market perform" rating on shares of Rush Street Interactive in a report on Monday, January 6th. Susquehanna raised Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a report on Friday. Finally, Jefferies Financial Group raised their target price on Rush Street Interactive from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $15.50.

Rush Street Interactive Stock Down 2.7 %

The company has a market cap of $2.56 billion, a PE ratio of -567.50 and a beta of 1.88. The business has a 50-day simple moving average of $14.31 and a 200-day simple moving average of $12.33.

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Insiders Place Their Bets

In other news, insider Einar Roosileht sold 70,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $14.41, for a total value of $1,008,700.00. Following the transaction, the insider now owns 946,150 shares in the company, valued at $13,634,021.50. This trade represents a 6.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Richard Todd Schwartz sold 45,256 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $13.51, for a total value of $611,408.56. Following the completion of the transaction, the chief executive officer now owns 1,762,227 shares in the company, valued at approximately $23,807,686.77. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 800,853 shares of company stock worth $11,292,836. 56.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rush Street Interactive

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Heck Capital Advisors LLC purchased a new position in shares of Rush Street Interactive in the fourth quarter valued at approximately $34,000. Mackenzie Financial Corp purchased a new position in Rush Street Interactive during the fourth quarter worth approximately $1,123,000. PharVision Advisers LLC purchased a new position in Rush Street Interactive during the fourth quarter worth approximately $400,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Rush Street Interactive by 171.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 163,966 shares of the company's stock worth $2,250,000 after buying an additional 103,546 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its position in Rush Street Interactive by 1,084.0% during the fourth quarter. Voloridge Investment Management LLC now owns 194,033 shares of the company's stock worth $2,662,000 after buying an additional 177,645 shares in the last quarter. Hedge funds and other 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.