Rush Street Interactive, Inc. (NYSE:RSI) has disclosed a recent transaction involving its Chief Legal Officer (CLO), Paul Wierbicki, who sold shares of the company's stock. According to the filing, Wierbicki sold a total of 22,743 Class A common shares at prices ranging from $5.76 to $5.92, averaging $5.8299 per share. The total value of the shares sold amounted to approximately $132,589.
The transaction, dated March 19, 2024, was part of a planned sale to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs). It's important to note that this sale was executed to satisfy tax withholding requirements and was based on a prior irrevocable election by Wierbicki, indicating that the decision to sell was not discretionary.
In addition to the sale, on March 15, 2024, Wierbicki was awarded 38,907 RSUs under Rush Street Interactive's 2020 Omnibus Equity Incentive Plan. These units are set to vest in three equal annual installments starting from the first anniversary of the grant date, contingent upon continued service with the company.
Furthermore, Wierbicki received 35,509 stock options on the same date, with similar vesting conditions as the RSUs. These options have a conversion or exercise price of $5.79 and are scheduled to expire on March 15, 2034.
Following the sale, the Chief Legal Officer's ownership in the company stands at 174,982 shares of Class A common stock. The disclosed transactions provide investors with insight into the stock activity of Rush Street Interactive's executives and are part of the routine reporting required by company insiders.
InvestingPro Insights
Rush Street Interactive, Inc. (NYSE:RSI) has seen a significant sell-off by its Chief Legal Officer, but what does the broader financial picture look like for the company? According to InvestingPro data, Rush Street Interactive holds a market capitalization of $1.3 billion and is currently trading at a high Price / Book multiple of 24.22, which suggests investors value the company's assets quite optimistically relative to its book value.
Despite not being profitable over the last twelve months, as reflected by a negative P/E ratio of -21.84, analysts are optimistic about the company's future. An InvestingPro Tip highlights that analysts predict Rush Street Interactive will turn profitable this year. This sentiment is further supported by a robust one-year price total return of 86.12%, indicating strong investor confidence in the company's growth trajectory.
InvestingPro Tips also reveal that Rush Street Interactive has liquid assets that exceed its short-term obligations, providing the company with a cushion to manage its financial responsibilities in the near term. For investors looking to delve deeper into Rush Street Interactive's financial health and future prospects, they can find an additional 5 InvestingPro Tips by visiting https://www.investing.com/pro/RSI. Moreover, by using the coupon code PRONEWS24, readers can enjoy an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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