Balyasny Asset Management L.P. Cuts Stake in Rush Street Interactive, Inc. (NYSE:RSI)

Balyasny Asset Management L.P. lessened its holdings in shares of Rush Street Interactive, Inc. (NYSE:RSI) by 60.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,755 shares of the company’s stock after selling 248,443 shares during the period. Balyasny Asset Management L.P. owned 0.07% of Rush Street Interactive worth $2,206,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. R Squared Ltd purchased a new stake in shares of Rush Street Interactive in the 4th quarter valued at approximately $28,000. Heck Capital Advisors LLC acquired a new position in shares of Rush Street Interactive in the 4th quarter worth approximately $34,000. WealthTrak Capital Management LLC acquired a new position in shares of Rush Street Interactive in the 4th quarter worth approximately $71,000. NewEdge Advisors LLC acquired a new position in shares of Rush Street Interactive in the 4th quarter worth approximately $148,000. Finally, State of Tennessee Department of Treasury acquired a new position in shares of Rush Street Interactive in the 4th quarter worth approximately $167,000. Hedge funds and other institutional investors own 24.78% of the company’s stock.

Insiders Place Their Bets

In related news, insider Einar Roosileht sold 70,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $11.67, for a total transaction of $816,900.00. Following the sale, the insider now owns 946,150 shares of the company’s stock, valued at approximately $11,041,570.50. The trade was a 6.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Todd Schwartz sold 109,567 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.85, for a total transaction of $1,079,234.95. Following the sale, the chief executive officer now directly owns 2,082,376 shares in the company, valued at approximately $20,511,403.60. This represents a 5.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 723,805 shares of company stock valued at $7,957,809. Insiders own 56.94% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on RSI. Jefferies Financial Group upped their price objective on shares of Rush Street Interactive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Susquehanna increased their target price on shares of Rush Street Interactive from $14.00 to $15.00 and gave the stock a “positive” rating in a report on Thursday, May 1st. Macquarie reiterated an “outperform” rating and set a $16.00 target price on shares of Rush Street Interactive in a report on Friday, May 2nd. Benchmark increased their target price on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company increased their target price on shares of Rush Street Interactive from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Rush Street Interactive currently has an average rating of “Moderate Buy” and an average price target of $15.63.

Rush Street Interactive Price Performance

NYSE RSI opened at $11.97 on Tuesday. The firm’s fifty day moving average price is $11.24 and its 200 day moving average price is $12.72. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -598.45 and a beta of 1.88. Rush Street Interactive, Inc. has a 12 month low of $8.29 and a 12 month high of $16.78.

Rush Street Interactive (NYSE:RSI) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.09 earnings per share (EPS) 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 the consensus estimate of $258.90 million. During the same period last year, the firm posted $0.03 EPS. Rush Street Interactive’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, sell-side analysts forecast that Rush Street Interactive, Inc. will post 0.04 earnings per share for the current year.

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.