Rush Street Interactive (NYSE:RSI) Stock Price Down 6.3% on Insider Selling

Rush Street Interactive, Inc. (NYSE:RSI)’s share price dropped 6.3% during trading on Thursday following insider selling activity. The company traded as low as $10.91 and last traded at $10.93. Approximately 356,313 shares traded hands during trading, a decline of 84% from the average daily volume of 2,162,441 shares. The stock had previously closed at $11.67.

Specifically, insider Einar Roosileht sold 70,000 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $11.67, for a total value of $816,900.00. Following the completion of the sale, the insider now owns 946,150 shares in the company, valued at $11,041,570.50. This represents a 6.89 % 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, COO Mattias Stetz sold 25,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $11.73, for a total transaction of $293,250.00. Following the transaction, the chief operating officer now directly owns 531,089 shares in the company, valued at $6,229,673.97. The trade was a 4.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

RSI has been the subject of several recent research reports. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Wells Fargo & Company lifted their target price on Rush Street Interactive from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Benchmark increased their price target on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Jefferies Financial Group lifted their price objective on Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, Susquehanna raised Rush Street Interactive from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 28th. One equities research 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $15.50.

Rush Street Interactive Stock Performance

The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -546.55 and a beta of 1.92. The business has a fifty day moving average of $14.23 and a two-hundred day moving average of $12.34.

Institutional Trading of Rush Street Interactive

Large investors have recently bought and sold shares of the company. Heck Capital Advisors LLC acquired a new stake in Rush Street Interactive in the 4th quarter valued at about $34,000. Mackenzie Financial Corp purchased a new stake in shares of Rush Street Interactive in the fourth quarter valued at about $1,123,000. PharVision Advisers LLC acquired a new stake in shares of Rush Street Interactive in the fourth quarter valued at approximately $400,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Rush Street Interactive by 171.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 163,966 shares of the company’s stock worth $2,250,000 after purchasing an additional 103,546 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its stake in shares of Rush Street Interactive by 1,084.0% during the 4th quarter. Voloridge Investment Management LLC now owns 194,033 shares of the company’s stock worth $2,662,000 after purchasing an additional 177,645 shares in the last quarter. Institutional investors and hedge funds own 24.78% of the company’s stock.

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.