Rush Street Interactive (NYSE:RSI) Trading 9.1% Higher - Time to Buy?

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) was up 9.1% during mid-day trading on Friday . The company traded as high as $10.58 and last traded at $10.57. Approximately 682,405 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,839,267 shares. The stock had previously closed at $9.68.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RSI shares. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price target on shares of Rush Street Interactive in a report on Thursday, February 27th. Wells Fargo & Company boosted their price target on 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. Jefferies Financial Group boosted 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. Finally, Benchmark boosted their price objective on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $15.50.

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Rush Street Interactive Stock Down 1.6 %

The business has a 50-day moving average price of $13.67 and a 200-day moving average price of $12.42. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -532.75 and a beta of 1.92.

Insider Transactions at Rush Street Interactive

In other news, CEO Richard Todd Schwartz sold 149,605 shares of the company's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $14.61, for a total transaction of $2,185,729.05. Following the transaction, the chief executive officer now directly owns 2,151,648 shares of the company's stock, valued at approximately $31,435,577.28. This represents a 6.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Judith Gold sold 118,001 shares of the company's stock in a transaction 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 completion of the transaction, the director now directly owns 21,999 shares in the company, valued at approximately $298,086.45. The trade was a 84.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 960,164 shares of company stock valued at $12,870,812. Corporate insiders own 56.89% of the company's stock.

Hedge Funds Weigh In On Rush Street Interactive

Several hedge funds have recently made changes to their positions in RSI. Principal Financial Group Inc. increased its position in shares of Rush Street Interactive by 656.2% in the 3rd quarter. Principal Financial Group Inc. now owns 77,658 shares of the company's stock valued at $843,000 after acquiring an additional 67,388 shares during the period. Entropy Technologies LP acquired a new position in shares of Rush Street Interactive in the 3rd quarter valued at $175,000. Victory Capital Management Inc. acquired a new position in shares of Rush Street Interactive in the 3rd quarter valued at $546,000. Caprock Group LLC acquired a new position in shares of Rush Street Interactive in the 3rd quarter valued at $4,178,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Rush Street Interactive by 72.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company's stock valued at $8,907,000 after acquiring an additional 344,276 shares during the period. 24.78% of the stock is owned by institutional investors and hedge funds.

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.