Barclays Upgrades Rush Street Interactive (NYSE:RSI) to “Strong-Buy”

Rush Street Interactive (NYSE:RSI) was upgraded by equities research analysts at Barclays to a “strong-buy” rating in a research note issued to investors on Friday, Zacks reports.

A number of other research analysts also recently issued reports on RSI. Needham & Company LLC boosted their price target on Rush Street Interactive from $33.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Benchmark raised their price objective on shares of Rush Street Interactive from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. cut their target price on shares of Rush Street Interactive from $30.00 to $22.00 and set a “neutral” rating for the company in a report on Tuesday. Weiss Ratings upgraded shares of Rush Street Interactive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Finally, Citigroup reiterated a “market outperform” rating on shares of Rush Street Interactive in a research report on Tuesday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Rush Street Interactive currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.67.

Rush Street Interactive Stock Down 3.0%

RSI opened at $15.86 on Friday. The stock’s fifty day moving average is $22.63 and its two-hundred day moving average is $25.95. The company has a market capitalization of $3.68 billion, a P/E ratio of 54.70 and a beta of 1.71. Rush Street Interactive has a 52 week low of $15.51 and a 52 week high of $34.53.

Rush Street Interactive (NYSE:RSI) last issued its earnings results on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, hitting analysts’ consensus estimates of $0.15. The firm had revenue of $393.78 million for the quarter, compared to the consensus estimate of $367.75 million. Rush Street Interactive had a return on equity of 18.88% and a net margin of 2.33%. The company’s revenue was up 46.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 earnings per share. Equities analysts anticipate that Rush Street Interactive will post 0.49 earnings per share for the current year.

Insider Activity at Rush Street Interactive

In related news, COO Mattias Stetz sold 20,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $19.87, for a total transaction of $397,400.00. Following the completion of the transaction, the chief operating officer owned 137,874 shares in the company, valued at $2,739,556.38. This represents a 12.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Richard Schwartz sold 47,222 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $19.88, for a total transaction of $938,773.36. Following the completion of the transaction, the chief executive officer directly owned 374,036 shares in the company, valued at $7,435,835.68. This represents a 11.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 603,998 shares of company stock worth $14,814,268 over the last three months. Company insiders own 52.89% of the company’s stock.

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. Sterling Capital Management LLC raised its holdings in Rush Street Interactive by 945.1% in the 3rd quarter. Sterling Capital Management LLC now owns 3,731 shares of the company’s stock valued at $76,000 after acquiring an additional 3,374 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Rush Street Interactive by 53.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 8,301 shares of the company’s stock worth $169,000 after purchasing an additional 2,904 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in Rush Street Interactive in the 3rd quarter worth approximately $212,000. CoreCap Advisors LLC boosted its holdings in shares of Rush Street Interactive by 629.6% during the 3rd quarter. CoreCap Advisors LLC now owns 13,132 shares of the company’s stock worth $267,000 after purchasing an additional 11,332 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of Rush Street Interactive during the 2nd quarter worth approximately $1,323,000. Hedge funds and other institutional investors own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc is an online gaming and sports betting company that operates regulated internet casino and sportsbook platforms. Its primary consumer brands include BetRivers, PlaySugarHouse and RushBet, offering online casino games, sports wagering and related digital gaming products through websites and mobile applications.

The company serves customers in regulated markets across the United States and Latin America, with operations also extending to select international jurisdictions.