Rush Street Interactive, Inc. (NYSE:RSI) Chief Operating Officer Mattias Stetz recently sold 25,000 shares of the company's Class A common stock. The transactions took place on December 2, 2024, at a weighted average price of $14.504 per share, amounting to a total value of $362,600. Following these sales, Stetz holds 550,484 shares directly. The sale comes as RSI, now valued at $3.25 billion, has delivered an impressive 218% return year-to-date. According to InvestingPro analysis, the stock appears to be trading near its Fair Value.
The shares were sold pursuant to a 10b5-1 trading plan, which was established on August 16, 2024. This plan allows insiders to sell a predetermined number of shares at a predetermined time, providing an opportunity to avoid potential conflicts of interest. The sales occurred at prices ranging from $14.29 to $14.8068 per share, with the stock trading near its 52-week high of $14.92. InvestingPro subscribers can access 15+ additional insights about RSI's valuation and growth prospects through the comprehensive Pro Research Report.
In other recent news, Rush Street Interactive (RSI) reported a record-breaking third quarter in 2024, with revenues surging to $232 million, marking a 37% increase from the previous year. The company's adjusted EBITDA also saw a significant jump to $23 million, a more than fivefold rise year-over-year. This marks RSI's 15th consecutive period of revenue increase since going public.
Responding to these robust results, RSI has revised its 2024 revenue guidance upwards by 3% and its EBITDA guidance by a substantial 24%, now forecasting EBITDA to be 110% above initial expectations for the year. The company also reported a strong cash position with $216 million in unrestricted cash and no debt, and announced a share buyback program of up to $50 million.
Despite these positive results, RSI faces challenges with low hold rates in North American sports betting and potential tax increases. However, the company is optimistic about iGaming legalization momentum in various states and is exploring expansion into new markets, particularly Latin America and Canada. RSI is preparing for a January launch in Brazil and is planning market entries in Peru and possibly Alberta.
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