Needham & Company LLC Issues Positive Forecast for Rush Street Interactive (NYSE:RSI) Stock Price

Rush Street Interactive (NYSE:RSI) had its price objective upped by Needham & Company LLC from $15.00 to $17.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 14.06% from the company’s previous close.

A number of other equities analysts have also issued reports on RSI. Craig Hallum increased their price target on Rush Street Interactive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group upped their price objective on Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday. Finally, JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Rush Street Interactive presently has an average rating of “Moderate Buy” and an average price target of $14.00.

Rush Street Interactive Price Performance

Rush Street Interactive stock opened at $14.91 on Friday. Rush Street Interactive has a 12-month low of $3.85 and a 12-month high of $15.68. The stock has a market capitalization of $3.36 billion, a PE ratio of -745.25 and a beta of 1.88. The firm has a 50 day simple moving average of $13.53 and a 200-day simple moving average of $11.21.

Insider Transactions at Rush Street Interactive

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 103,905 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $11.02, for a total value of $1,145,033.10. Following the completion of the transaction, the chief executive officer now directly owns 1,703,578 shares in the company, valued at $18,773,429.56. This trade represents a 5.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Wierbicki sold 35,000 shares of Rush Street Interactive stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $11.23, for a total transaction of $393,050.00. Following the completion of the transaction, the insider now directly owns 139,982 shares in the company, valued at approximately $1,571,997.86. This trade represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,287 shares of company stock valued at $11,632,978 over the last three months. Company insiders own 56.89% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RSI. Rhumbline Advisers lifted its holdings in shares of Rush Street Interactive by 26.6% in the second quarter. Rhumbline Advisers now owns 100,476 shares of the company’s stock valued at $964,000 after purchasing an additional 21,106 shares in the last quarter. American Century Companies Inc. purchased a new stake in Rush Street Interactive in the 2nd quarter worth about $311,000. Massachusetts Financial Services Co. MA acquired a new stake in Rush Street Interactive during the 2nd quarter worth about $2,381,000. Renaissance Technologies LLC grew its stake in Rush Street Interactive by 47.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,504,200 shares of the company’s stock valued at $14,425,000 after acquiring an additional 482,872 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Rush Street Interactive by 43.4% in the 2nd quarter. Hsbc Holdings PLC now owns 49,215 shares of the company’s stock valued at $463,000 after purchasing an additional 14,894 shares during the period. 24.78% of the stock is currently owned by hedge funds and other institutional investors.

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.