Franklin Resources Inc. Buys New Shares in Rush Street Interactive, Inc. (NYSE:RSI)

Franklin Resources Inc. bought a new stake in Rush Street Interactive, Inc. (NYSE:RSI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 79,357 shares of the company’s stock, valued at approximately $901,000.

A number of other institutional investors also recently modified their holdings of the company. New York State Teachers Retirement System raised its holdings in Rush Street Interactive by 17.2% during the third quarter. New York State Teachers Retirement System now owns 6,938 shares of the company’s stock worth $75,000 after buying an additional 1,020 shares during the last quarter. Quarry LP grew its stake in shares of Rush Street Interactive by 15.9% in the 2nd quarter. Quarry LP now owns 8,762 shares of the company’s stock worth $84,000 after acquiring an additional 1,200 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its position in Rush Street Interactive by 7.3% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 25,727 shares of the company’s stock worth $279,000 after purchasing an additional 1,745 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Rush Street Interactive in the 3rd quarter worth approximately $44,000. Finally, The Manufacturers Life Insurance Company boosted its position in Rush Street Interactive by 25.6% in the second quarter. The Manufacturers Life Insurance Company now owns 28,645 shares of the company’s stock worth $275,000 after purchasing an additional 5,840 shares during the last quarter. 24.78% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rush Street Interactive

In related news, insider Paul Wierbicki sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $11.23, for a total value of $393,050.00. Following the completion of the sale, the insider now owns 139,982 shares in the company, valued at $1,571,997.86. The trade was a 20.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kyle Sauers sold 25,934 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $12.30, for a total value of $318,988.20. Following the completion of the sale, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at approximately $4,164,952.20. This represents a 7.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 357,595 shares of company stock worth $4,224,380 over the last three months. 56.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RSI shares. Jefferies Financial Group lifted their price target on shares of Rush Street Interactive from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Craig Hallum lifted their price objective on shares of Rush Street Interactive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC upped their price target on Rush Street Interactive from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Rush Street Interactive has a consensus rating of “Moderate Buy” and an average price target of $12.43.

Rush Street Interactive Stock Down 0.6 %

Shares of NYSE RSI opened at $13.74 on Monday. The stock’s 50-day simple moving average is $12.52 and its two-hundred day simple moving average is $10.75. The firm has a market capitalization of $3.10 billion, a P/E ratio of -687.00 and a beta of 1.88. Rush Street Interactive, Inc. has a twelve month low of $3.56 and a twelve month high of $14.92.

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.