Rush Street Interactive (NYSE:RSI) Shares Gap Down – What’s Next?

Shares of Rush Street Interactive, Inc. (NYSE:RSI) 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.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Rush Street Interactive in a research note on Thursday. Wells Fargo & Company increased their price target on shares of Rush Street Interactive from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday. Macquarie reaffirmed an “outperform” rating and set a $16.00 target price on shares of Rush Street Interactive in a research note on Thursday. Finally, Jefferies Financial Group raised their target price on shares of Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $15.50.

Rush Street Interactive Price Performance

The stock’s 50 day simple moving average is $14.35 and its two-hundred day simple moving average is $12.27. The firm has a market cap of $2.63 billion, a P/E ratio of -583.00 and a beta of 1.88.

Insider Activity

In other news, CEO Richard Todd Schwartz sold 45,256 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $13.51, for a total transaction of $611,408.56. Following the sale, the chief executive officer now owns 1,762,227 shares in the company, valued at $23,807,686.77. This represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Mattias Stetz sold 25,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $14.40, for a total transaction of $360,000.00. Following the sale, the chief operating officer now owns 561,089 shares in the company, valued at approximately $8,079,681.60. The trade was a 4.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 825,853 shares of company stock worth $11,655,336 over the last 90 days. 56.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rush Street Interactive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millrace Asset Group Inc. purchased a new stake in Rush Street Interactive in the third quarter worth approximately $2,135,000. Principal Financial Group Inc. boosted its holdings in Rush Street Interactive by 656.2% in the third quarter. Principal Financial Group Inc. now owns 77,658 shares of the company’s stock worth $843,000 after purchasing an additional 67,388 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rush Street Interactive by 72.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company’s stock worth $8,907,000 after purchasing an additional 344,276 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Rush Street Interactive in the third quarter worth approximately $656,000. Finally, Legato Capital Management LLC purchased a new stake in Rush Street Interactive in the fourth quarter worth approximately $1,897,000. 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.