Rush Street Interactive (NYSE:RSI) Given New $9.00 Price Target at Needham & Company LLC

Rush Street Interactive (NYSE:RSI) had its price objective increased by analysts at Needham & Company LLC from $8.00 to $9.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 40.41% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Susquehanna restated a “neutral” rating and set a $6.00 price objective (up from $5.00) on shares of Rush Street Interactive in a report on Monday, March 4th. Oppenheimer boosted their target price on Rush Street Interactive from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Craig Hallum raised shares of Rush Street Interactive from a “hold” rating to a “buy” rating and raised their price target for the stock from $7.00 to $8.00 in a research note on Friday, April 19th. JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research report on Friday, March 8th. Finally, Wells Fargo & Company upped their target price on Rush Street Interactive from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Thursday, March 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.67.

Rush Street Interactive Price Performance

Shares of Rush Street Interactive stock opened at $6.41 on Thursday. The company has a market capitalization of $1.43 billion, a P/E ratio of -23.74 and a beta of 1.67. The business has a 50-day moving average of $6.17 and a two-hundred day moving average of $5.07. Rush Street Interactive has a 1 year low of $2.85 and a 1 year high of $7.31.

Rush Street Interactive (NYSE:RSI) last posted its earnings results on Wednesday, March 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $193.85 million during the quarter, compared to analysts’ expectations of $181.50 million. Rush Street Interactive had a negative return on equity of 28.95% and a negative net margin of 2.65%. On average, equities analysts anticipate that Rush Street Interactive will post -0.22 EPS for the current fiscal year.

Insider Transactions at Rush Street Interactive

In related news, insider Paul Wierbicki sold 22,743 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $5.83, for a total value of $132,591.69. Following the completion of the sale, the insider now directly owns 174,982 shares in the company, valued at approximately $1,020,145.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Rush Street Interactive news, COO Mattias Stetz sold 5,001 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $6.11, for a total transaction of $30,556.11. Following the completion of the sale, the chief operating officer now owns 606,730 shares of the company’s stock, valued at approximately $3,707,120.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Wierbicki sold 22,743 shares of Rush Street Interactive stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $5.83, for a total transaction of $132,591.69. Following the transaction, the insider now directly owns 174,982 shares of the company’s stock, valued at $1,020,145.06. The disclosure for this sale can be found here. Insiders have sold 331,552 shares of company stock worth $2,094,498 in the last ninety days. Insiders own 56.96% of the company’s stock.

Institutional Trading of Rush Street Interactive

A number of hedge funds have recently modified their holdings of RSI. HG Vora Capital Management LLC increased its stake in shares of Rush Street Interactive by 16.7% during the fourth quarter. HG Vora Capital Management LLC now owns 7,000,000 shares of the company’s stock worth $31,430,000 after purchasing an additional 1,000,000 shares during the period. Nomura Holdings Inc. grew its holdings in Rush Street Interactive by 24.7% in the 4th quarter. Nomura Holdings Inc. now owns 4,184,373 shares of the company’s stock valued at $18,788,000 after buying an additional 828,984 shares in the last quarter. FMR LLC increased its position in Rush Street Interactive by 4,395.9% during the 3rd quarter. FMR LLC now owns 1,888,355 shares of the company’s stock worth $8,724,000 after buying an additional 1,846,353 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Rush Street Interactive by 32.6% during the third quarter. Assenagon Asset Management S.A. now owns 1,836,077 shares of the company’s stock worth $8,483,000 after buying an additional 451,171 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Rush Street Interactive by 10.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 538,758 shares of the company’s stock valued at $2,489,000 after acquiring an additional 49,500 shares during the period. Institutional investors and hedge funds own 24.78% of the company’s stock.

About Rush Street Interactive

Rush Street Interactive, Inc operates as an online casino and sports betting company in the United States, Canada, Mexico, and rest of Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the company offers full suite of games comprising of bricks-and-mortar casinos, table games, and slot machines.