Rush Street Interactive, Inc. (NYSE:RSI) Sees Significant Growth in Short Interest

Rush Street Interactive, Inc. (NYSE:RSI) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 2,580,000 shares, an increase of 48.3% from the May 15th total of 1,740,000 shares. Based on an average daily volume of 1,660,000 shares, the short-interest ratio is currently 1.6 days.

Rush Street Interactive Price Performance

RSI remained flat at $9.40 on Friday. The company had a trading volume of 1,396,466 shares, compared to its average volume of 1,488,186. The business has a 50 day moving average of $7.87 and a two-hundred day moving average of $6.10. Rush Street Interactive has a 1 year low of $2.90 and a 1 year high of $9.64. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -55.29 and a beta of 1.79.

Rush Street Interactive (NYSE:RSI) last issued its earnings results on Wednesday, May 1st. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. Rush Street Interactive had a negative return on equity of 15.68% and a negative net margin of 1.58%. The firm had revenue of $217.43 million during the quarter, compared to analysts’ expectations of $203.05 million. On average, research analysts forecast that Rush Street Interactive will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In other Rush Street Interactive news, insider Paul Wierbicki sold 22,743 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $5.83, for a total value of $132,591.69. Following the transaction, the insider now owns 174,982 shares of the company’s stock, valued at $1,020,145.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Rush Street Interactive news, insider Paul Wierbicki sold 22,743 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $5.83, for a total transaction of $132,591.69. Following the sale, the insider now owns 174,982 shares in the company, valued at approximately $1,020,145.06. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Mattias Stetz sold 5,001 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $6.11, for a total transaction of $30,556.11. Following the completion of the transaction, the chief operating officer now directly owns 606,730 shares of the company’s stock, valued at approximately $3,707,120.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 331,552 shares of company stock worth $2,094,498. Corporate insiders own 56.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Levin Capital Strategies L.P. grew its stake in shares of Rush Street Interactive by 250.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 35,000 shares of the company’s stock valued at $228,000 after purchasing an additional 25,000 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Rush Street Interactive in the 1st quarter valued at $403,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Rush Street Interactive in the 1st quarter worth about $1,673,000. Vanguard Group Inc. increased its position in shares of Rush Street Interactive by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 5,481,219 shares of the company’s stock worth $35,683,000 after purchasing an additional 85,736 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Rush Street Interactive during the 1st quarter valued at about $148,000. Institutional investors and hedge funds own 24.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RSI shares. Susquehanna reissued a “neutral” rating and set a $6.00 target price (up previously from $5.00) on shares of Rush Street Interactive in a research note on Monday, March 4th. Oppenheimer upped their target price on Rush Street Interactive from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Craig Hallum lifted their price target on Rush Street Interactive from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. JMP Securities restated a “market perform” rating on shares of Rush Street Interactive in a report on Friday, March 8th. Finally, Wells Fargo & Company lifted their target price on shares of Rush Street Interactive from $8.00 to $9.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.50.

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.