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Paul Wierbicki, the Chief Legal Officer of Rush Street Interactive, Inc. (NYSE:RSI), recently reported a sale of company stock. According to a recent SEC filing, Wierbicki sold 7,500 shares of Class A Common Stock at a price of $15 per share, totaling $112,500. This transaction was carried out under a pre-arranged 10b5-1 trading plan. The sale comes as RSI, now valued at $3.42 billion, trades near its 52-week high after delivering an impressive 310% return over the past year. InvestingPro analysis indicates the company maintains a GOOD overall financial health score.
Additionally, the filing revealed a series of non-monetary transactions involving the exchange of 7,405 Class A Common Stock Units for an equivalent number of Class A Common Stock shares. This exchange also involved the cancellation of an equal number of Class V Voting Stock shares, which do not confer economic rights but allow voting as common stockholders. The transactions were part of the Amended and Restated Limited Partnership Agreement of Rush Street Interactive, LP. InvestingPro subscribers have access to 15 additional key insights about RSI's valuation and growth prospects.
Following these transactions, Wierbicki holds 139,387 shares of Class A Common Stock. The shares are held by the Paul Wierbicki Declaration of Trust, with Wierbicki as the grantor, trustee, and beneficiary.
In other recent news, Rush Street Interactive (RSI) witnessed record growth in the third quarter of 2024, with revenues reaching a staggering $232 million, marking a 37% increase from the previous year. The company's adjusted EBITDA also experienced a significant leap, totaling $23 million, over five times the figure from the previous year. This solid performance is a continuation of the company's consistent growth, with the third quarter being RSI's 15th consecutive period of revenue increase since going public.
Following these strong results, RSI has raised its 2024 revenue guidance by 3% and its EBITDA guidance by a substantial 24%, now expecting EBITDA to be 110% above initial expectations for the year. The company also announced a share buyback program of up to $50 million and reported a robust cash position with $216 million in unrestricted cash and no debt.
The company is exploring potential expansion into new markets, primarily focusing on Latin America and Canada. Despite facing challenges with low hold rates in North American sports betting, RSI remains optimistic about iGaming legalization momentum in various states. These recent developments underscore RSI's robust financial health and its strategic approach towards business growth.
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