Rush Street Interactive (NYSE:RSI) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Rush Street Interactive (NYSE:RSI) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

RSI has been the subject of several other reports. Benchmark lifted their price objective on shares of Rush Street Interactive from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Oppenheimer lifted their price objective on shares of Rush Street Interactive from $16.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. initiated coverage on shares of Rush Street Interactive in a research note on Monday, June 23rd. They set a “neutral” rating and a $14.00 price objective for the company. Needham & Company LLC lifted their price objective on shares of Rush Street Interactive from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. Finally, Jefferies Financial Group lifted their price objective on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, July 3rd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.33.

Rush Street Interactive Stock Down 2.0%

RSI stock opened at $20.07 on Monday. The firm has a 50 day moving average of $20.21 and a 200 day moving average of $15.26. The stock has a market capitalization of $4.59 billion, a PE ratio of 100.34 and a beta of 1.87. Rush Street Interactive has a 52 week low of $9.54 and a 52 week high of $22.65.

Rush Street Interactive (NYSE:RSI) last released its earnings results on Wednesday, July 30th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03. The company had revenue of $269.22 million during the quarter, compared to analysts’ expectations of $248.98 million. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. Rush Street Interactive’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. Rush Street Interactive has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Rush Street Interactive will post 0.04 earnings per share for the current year.

Insider Activity

In other news, CEO Richard Todd Schwartz sold 193,905 shares of Rush Street Interactive stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total transaction of $2,984,197.95. Following the completion of the transaction, the chief executive officer directly owned 1,017,471 shares of the company’s stock, valued at $15,658,878.69. The trade was a 16.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Einar Roosileht sold 70,000 shares of Rush Street Interactive stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $21.47, for a total transaction of $1,502,900.00. Following the transaction, the insider directly owned 876,150 shares of the company’s stock, valued at approximately $18,810,940.50. This trade represents a 7.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,812,463 shares of company stock valued at $32,940,224 in the last quarter. Company insiders own 56.94% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors have recently made changes to their positions in RSI. Man Group plc increased its holdings in Rush Street Interactive by 0.7% in the 2nd quarter. Man Group plc now owns 89,535 shares of the company’s stock worth $1,334,000 after acquiring an additional 654 shares in the last quarter. Cerity Partners LLC increased its holdings in Rush Street Interactive by 5.3% in the 2nd quarter. Cerity Partners LLC now owns 23,067 shares of the company’s stock worth $344,000 after acquiring an additional 1,167 shares in the last quarter. Arizona State Retirement System increased its holdings in Rush Street Interactive by 5.4% in the 1st quarter. Arizona State Retirement System now owns 24,145 shares of the company’s stock worth $259,000 after acquiring an additional 1,232 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Rush Street Interactive by 94.7% in the 1st quarter. Pacer Advisors Inc. now owns 2,533 shares of the company’s stock worth $27,000 after acquiring an additional 1,232 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Rush Street Interactive by 11.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 13,615 shares of the company’s stock worth $203,000 after acquiring an additional 1,358 shares in the last quarter. 24.78% of the stock is owned by hedge funds and other institutional investors.

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.