In a recent transaction, Mattias Stetz, the Chief Operating Officer of Rush Street Interactive, Inc. (NYSE:RSI), sold 88,431 shares of the company's Class A Common Stock. The sale, which took place on March 27, 2024, was not a discretionary trade but was carried out to cover tax withholding obligations associated with the vesting of restricted stock units.
The shares were sold at a weighted average price of $6.4225, with individual sales executed at prices ranging from $6.25 to $6.59 per share. The total value of the shares sold by Stetz amounted to approximately $567,948. This transaction was part of a pre-planned "sell to cover" arrangement made by Stetz to satisfy tax requirements, as per a prior irrevocable election.
Following the sale, Stetz continues to hold 603,614 shares of Rush Street Interactive, indicating a remaining significant stake in the company. The transaction details were disclosed in a Form 4 filing with the Securities and Exchange Commission.
Investors and security holders of Rush Street Interactive can request more detailed information about the sale, including the number of shares sold at each price point within the provided range, from the reporting person.
Rush Street Interactive, based in Chicago, operates in the miscellaneous amusement and recreation services industry, offering online gaming and betting services. The company's stock is publicly traded under the ticker symbol RSI on the New York Stock Exchange.
InvestingPro Insights
As Rush Street Interactive, Inc. (NYSE:RSI) continues to navigate the dynamic online gaming and betting services landscape, the recent sale of shares by COO Mattias Stetz comes during a period of noteworthy financial metrics and market performance for the company. According to InvestingPro, RSI's market capitalization stands at $1.45 billion, underscoring its substantial presence in the industry.
An InvestingPro Tip highlights that analysts have recently revised their earnings expectations upwards for the upcoming period, suggesting a potential uptick in the company's financial performance. This aligns with the company's strong return over the last three months, where the stock price has seen a significant increase of 44.99%. Additionally, the one-year price total return has been impressive at 114.85%, indicating robust investor confidence and market momentum for RSI.
Despite not being profitable over the last twelve months, RSI is trading at a high Price/Book multiple of 27.0, as per the last twelve months as of Q4 2023. This could be indicative of the market's anticipation of future growth, especially considering that the company is predicted by analysts to be profitable this year, another InvestingPro Tip worth noting. With these insights, investors may gain a deeper understanding of the company's valuation and growth prospects.
For those looking to delve further into RSI's financial health and market potential, InvestingPro offers additional analyses and metrics. By using the coupon code PRONEWS24, readers can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a wealth of detailed InvestingPro Tips—there are currently 11 more tips available for Rush Street Interactive on InvestingPro.
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