Rush Street Interactive (NYSE:RSI) Trading Down 7.1% - Here's Why

Rush Street Interactive, Inc. (NYSE:RSI - Get Free Report) traded down 7.1% during trading on Thursday . The company traded as low as $9.89 and last traded at $9.83. 375,792 shares were traded during trading, a decline of 80% from the average session volume of 1,834,211 shares. The stock had previously closed at $10.58.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Jefferies Financial Group boosted their target price on shares of Rush Street Interactive from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Susquehanna raised shares of Rush Street Interactive from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 28th. Macquarie reissued an "outperform" rating and set a $16.00 target price on shares of Rush Street Interactive in a research report on Thursday, February 27th. JMP Securities reissued a "market perform" rating on shares of Rush Street Interactive in a research report on Monday, January 6th. Finally, Benchmark boosted their target price on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $15.50.

Rush Street Interactive Stock Up 1.7 %

The business's 50 day moving average is $13.73 and its 200-day moving average is $12.41. The firm has a market cap of $2.48 billion, a P/E ratio of -543.90 and a beta of 1.92.

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Insider Buying and Selling at Rush Street Interactive

In other news, CFO Kyle Sauers sold 146,015 shares of the business'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 completion of the transaction, the chief financial officer now owns 433 shares of the company's stock, valued at approximately $6,023.03. The trade was a 99.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Todd Schwartz sold 109,567 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now directly owns 2,082,376 shares of the company's stock, valued at approximately $20,511,403.60. This trade represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 960,164 shares of company stock worth $12,870,812 over the last 90 days. Insiders own 56.89% of the company's stock.

Hedge Funds Weigh In On Rush Street Interactive

Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in 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 last quarter. Entropy Technologies LP acquired a new stake in Rush Street Interactive during the 3rd quarter worth about $175,000. Victory Capital Management Inc. acquired a new stake in Rush Street Interactive during the 3rd quarter worth about $546,000. Caprock Group LLC acquired a new stake in Rush Street Interactive during the 3rd quarter worth about $4,178,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Rush Street Interactive by 72.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company's stock worth $8,907,000 after buying an additional 344,276 shares during the period. 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.