Rush Street Interactive (NYSE:RSI) Hits New 52-Week High – Time to Buy?

Rush Street Interactive, Inc. (NYSE:RSI)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $15.01 and last traded at $14.98, with a volume of 831695 shares trading hands. The stock had previously closed at $13.96.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Craig Hallum boosted their price objective on Rush Street Interactive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC boosted their price objective on Rush Street Interactive from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group boosted their price objective on Rush Street Interactive from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.50.

Rush Street Interactive Price Performance

The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -749.00 and a beta of 1.88. The firm has a 50 day simple moving average of $13.27 and a two-hundred day simple moving average of $11.12.

Insiders Place Their Bets

In other news, CEO Richard Todd Schwartz sold 103,905 shares of Rush Street Interactive stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $11.02, for a total transaction of $1,145,033.10. Following the transaction, the chief executive officer now owns 1,703,578 shares in the company, valued at $18,773,429.56. The trade was a 5.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kyle Sauers sold 146,015 shares of Rush Street Interactive stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $13.91, for a total value of $2,031,068.65. Following the transaction, the chief financial officer now owns 433 shares in the company, valued at $6,023.03. This trade represents a 99.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 870,868 shares of company stock worth $11,437,217. Insiders own 56.89% of the company’s stock.

Institutional Investors Weigh In On Rush Street Interactive

A number of hedge funds and other institutional investors have recently bought and sold shares of RSI. Bank of New York Mellon Corp raised its position in Rush Street Interactive by 40.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 252,514 shares of the company’s stock valued at $2,422,000 after buying an additional 72,831 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Rush Street Interactive in the 2nd quarter valued at approximately $98,000. Rhumbline Advisers raised its position in Rush Street Interactive by 26.6% in the 2nd quarter. Rhumbline Advisers now owns 100,476 shares of the company’s stock valued at $964,000 after buying an additional 21,106 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Rush Street Interactive during the 2nd quarter worth approximately $587,000. Finally, American Century Companies Inc. acquired a new position in shares of Rush Street Interactive during the 2nd quarter worth approximately $311,000. Institutional investors and hedge funds 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.