In a remarkable display of market performance, shares of dMY Technology Group, Inc. (RSI), now a $3.36 billion market cap company, surged to a 52-week high, touching $14.93. According to InvestingPro data, the stock shows higher volatility than the market with a beta of 1.75. This peak represents a significant milestone for the company, reflecting a robust upward trajectory over the past year. Investors have been closely monitoring RSI’s progress, as the stock has experienced an extraordinary 1-year change, skyrocketing by 273.28%. The company’s impressive growth rate, including 30.31% revenue growth, and its recent peak have placed it in the spotlight, signaling strong investor confidence and a positive outlook for its future financial health. InvestingPro analysis reveals 14 additional key insights about RSI’s financial health and valuation, available to subscribers.
In other recent news, Rush Street Interactive (RSI) has reported a record-breaking third quarter in 2024, with revenues reaching $232 million, marking a 37% increase from the previous year. This growth is part of a consistent upward trajectory, with the quarter marking RSI’s 15th consecutive period of revenue increase since going public. The company’s adjusted EBITDA also saw a significant jump to $23 million, a more than fivefold rise year-over-year.
In response to these strong 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 announced a share buyback program of up to $50 million and reported a strong cash position with $216 million in unrestricted cash and no debt.
RSI’s Monthly Active Users (MAUs) grew significantly in both North America (28%) and Latin America (122%). The company is exploring expansion into new markets, including Latin America and Canada, and is open to potential acquisitions. Despite challenges with low hold rates in North American sports betting and potential regulatory risks, RSI remains optimistic about iGaming legalization momentum in various states. These are some of the recent developments surrounding RSI.
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