Needham & Company LLC Increases Rush Street Interactive (NYSE:RSI) Price Target to $9.00

Rush Street Interactive (NYSE:RSI) had its price target lifted by equities research analysts at Needham & Company LLC from $8.00 to $9.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 14.50% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Oppenheimer raised their price target on shares of Rush Street Interactive from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a research report on Friday, March 8th. Craig Hallum raised shares of Rush Street Interactive from a “hold” rating to a “buy” rating and increased their price target for the stock from $7.00 to $8.00 in a research report on Friday, April 19th. Wells Fargo & Company boosted their price objective on Rush Street Interactive from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Thursday, March 7th. Finally, Susquehanna reaffirmed a “neutral” rating and set a $6.00 target price (up previously from $5.00) on shares of Rush Street Interactive in a report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.33.

Rush Street Interactive Trading Up 4.1 %

NYSE:RSI traded up $0.31 on Thursday, reaching $7.86. The stock had a trading volume of 4,314,466 shares, compared to its average volume of 1,325,317. The company has a 50-day moving average of $6.28 and a 200 day moving average of $5.13. The stock has a market cap of $1.75 billion, a P/E ratio of -46.24 and a beta of 1.67. Rush Street Interactive has a 12-month low of $2.85 and a 12-month high of $8.38.

Rush Street Interactive (NYSE:RSI) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.01. Rush Street Interactive had a negative return on equity of 15.85% and a negative net margin of 1.58%. The business had revenue of $193.85 million for the quarter, compared to analysts’ expectations of $181.50 million. On average, equities analysts predict that Rush Street Interactive will post -0.22 EPS for the current year.

Insider Buying and Selling at Rush Street Interactive

In related news, insider Paul Wierbicki sold 22,743 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 174,982 shares in the company, valued at approximately $1,020,145.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Paul Wierbicki sold 22,743 shares of the 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 sale, the insider now owns 174,982 shares of the company’s stock, valued at approximately $1,020,145.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard Todd Schwartz sold 101,951 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $6.78, for a total transaction of $691,227.78. Following the transaction, the chief executive officer now directly owns 2,154,618 shares of the company’s stock, valued at $14,608,310.04. The disclosure for this sale can be found here. Insiders sold a total of 331,552 shares of company stock worth $2,094,498 over the last ninety days. Company insiders own 56.96% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rush Street Interactive during the 1st quarter worth $148,000. North Star Investment Management Corp. raised its stake in shares of Rush Street Interactive by 303.9% during the first quarter. North Star Investment Management Corp. now owns 20,600 shares of the company’s stock valued at $134,000 after purchasing an additional 15,500 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Rush Street Interactive by 13,627.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company’s stock worth $78,000 after purchasing an additional 11,856 shares during the period. Cornerstone Investment Partners LLC bought a new position in Rush Street Interactive in the 1st quarter valued at about $184,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Rush Street Interactive during the 1st quarter valued at about $167,000. 24.78% of the stock is owned by institutional investors.

Rush Street Interactive Company Profile

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.