Millennium Management LLC Increases Stock Position in Rush Street Interactive, Inc. (NYSE:RSI)

Millennium Management LLC raised its holdings in Rush Street Interactive, Inc. (NYSE:RSI) by 267.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,337,554 shares of the company’s stock after purchasing an additional 973,139 shares during the quarter. Millennium Management LLC owned about 0.59% of Rush Street Interactive worth $18,351,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Legato Capital Management LLC acquired a new position in Rush Street Interactive in the fourth quarter valued at $1,897,000. Oppenheimer & Co. Inc. acquired a new position in Rush Street Interactive in the fourth quarter valued at $337,000. Charles Schwab Investment Management Inc. increased its stake in Rush Street Interactive by 18.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 879,563 shares of the company’s stock valued at $12,068,000 after purchasing an additional 137,701 shares during the period. JPMorgan Chase & Co. increased its stake in Rush Street Interactive by 53.0% in the fourth quarter. JPMorgan Chase & Co. now owns 406,094 shares of the company’s stock valued at $5,572,000 after purchasing an additional 140,682 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Rush Street Interactive in the fourth quarter valued at $1,282,000. 24.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RSI has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of Rush Street Interactive from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 27th. Macquarie restated an “outperform” rating and issued a $16.00 price objective on shares of Rush Street Interactive in a research note on Friday, May 2nd. Susquehanna boosted their price target on shares of Rush Street Interactive from $14.00 to $15.00 and gave the stock a “positive” rating in a research note on Thursday, May 1st. Benchmark boosted their price target on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $17.00 price target on shares of Rush Street Interactive in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.63.

Insiders Place Their Bets

In other news, CFO Kyle Sauers sold 28,381 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $10.70, for a total value of $303,676.70. Following the sale, the chief financial officer now directly owns 470,323 shares in the company, valued at $5,032,456.10. This represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard Todd Schwartz sold 109,567 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 2,082,376 shares in the company, valued at $20,511,403.60. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 723,805 shares of company stock worth $7,957,809. 56.94% of the stock is owned by company insiders.

Rush Street Interactive Stock Down 4.4%

Shares of Rush Street Interactive stock opened at $11.63 on Thursday. The company’s 50-day simple moving average is $11.51 and its 200-day simple moving average is $12.76. Rush Street Interactive, Inc. has a 52-week low of $8.29 and a 52-week high of $16.78. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -581.25 and a beta of 1.88.

Rush Street Interactive (NYSE:RSI) last issued its earnings results on Wednesday, April 30th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. Rush Street Interactive had a negative net margin of 0.16% and a negative return on equity of 3.73%. The company had revenue of $262.41 million for the quarter, compared to analyst estimates of $258.90 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Equities research analysts anticipate that Rush Street Interactive, Inc. will post 0.04 EPS for the current year.

Rush Street Interactive 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.