Divisadero Street Capital Management LP Reduces Position in Rush Street Interactive, Inc. (NYSE:RSI)

Divisadero Street Capital Management LP trimmed its position in shares of Rush Street Interactive, Inc. (NYSE:RSI) by 21.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,808,170 shares of the company’s stock after selling 1,022,958 shares during the period. Rush Street Interactive makes up 5.5% of Divisadero Street Capital Management LP’s portfolio, making the stock its 5th biggest holding. Divisadero Street Capital Management LP owned approximately 1.69% of Rush Street Interactive worth $36,520,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RSI. Allspring Global Investments Holdings LLC increased its position in Rush Street Interactive by 13,627.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company’s stock worth $78,000 after acquiring an additional 11,856 shares during the period. Aigen Investment Management LP bought a new position in shares of Rush Street Interactive during the 4th quarter worth about $90,000. Principal Financial Group Inc. bought a new position in shares of Rush Street Interactive during the 2nd quarter worth about $98,000. North Star Investment Management Corp. raised its position in shares of Rush Street Interactive by 303.9% during the first quarter. North Star Investment Management Corp. now owns 20,600 shares of the company’s stock valued at $134,000 after buying an additional 15,500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Rush Street Interactive in the first quarter valued at about $148,000. 24.78% of the stock is owned by institutional investors and hedge funds.

Rush Street Interactive Price Performance

Shares of NYSE:RSI opened at $10.55 on Friday. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -61.94 and a beta of 1.78. The business’s fifty day moving average price is $9.60 and its two-hundred day moving average price is $8.35. Rush Street Interactive, Inc. has a fifty-two week low of $3.17 and a fifty-two week high of $11.59.

Rush Street Interactive (NYSE:RSI) last announced its earnings results on Wednesday, July 31st. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. The business had revenue of $220.38 million during the quarter, compared to analysts’ expectations of $201.37 million. Rush Street Interactive had a negative net margin of 0.84% and a negative return on equity of 12.45%. The firm’s revenue for the quarter was up 33.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. Research analysts expect that Rush Street Interactive, Inc. will post -0.01 EPS for the current fiscal year.

Insider Activity

In related news, CEO Richard Todd Schwartz sold 40,498 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $10.18, for a total transaction of $412,269.64. Following the sale, the chief executive officer now directly owns 1,862,997 shares in the company, valued at approximately $18,965,309.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Richard Todd Schwartz sold 40,498 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $10.18, for a total transaction of $412,269.64. Following the transaction, the chief executive officer now owns 1,862,997 shares in the company, valued at approximately $18,965,309.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Wierbicki sold 20,437 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $9.53, for a total transaction of $194,764.61. Following the sale, the insider now directly owns 174,982 shares in the company, valued at approximately $1,667,578.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 548,210 shares of company stock worth $5,179,362. Insiders own 56.89% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on RSI shares. Oppenheimer boosted their price target on Rush Street Interactive from $10.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Wells Fargo & Company upped their target price on Rush Street Interactive from $11.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Needham & Company LLC lifted their price target on shares of Rush Street Interactive from $10.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Craig Hallum increased their price objective on shares of Rush Street Interactive from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Rush Street Interactive presently has an average rating of “Moderate Buy” and a consensus target price of $11.17.

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.