Needham & Company LLC Forecasts Strong Price Appreciation for Rush Street Interactive (NYSE:RSI) Stock

Rush Street Interactive (NYSE:RSI - Get Free Report) had its target price upped by stock analysts at Needham & Company LLC from $15.00 to $17.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective indicates a potential upside of 13.15% from the stock's current price.

A number of other brokerages have also recently weighed in on RSI. JMP Securities restated a "market perform" rating on shares of Rush Street Interactive in a research report on Monday, January 6th. Jefferies Financial Group raised their target price on shares of Rush Street Interactive from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Craig Hallum upped their price target on shares of Rush Street Interactive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Rush Street Interactive presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

Rush Street Interactive Stock Up 0.6 %

NYSE RSI traded up $0.09 during mid-day trading on Friday, hitting $15.02. The stock had a trading volume of 1,014,118 shares, compared to its average volume of 1,393,099. The company has a 50 day simple moving average of $13.61 and a 200 day simple moving average of $11.27. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -751.20 and a beta of 1.88. Rush Street Interactive has a 52-week low of $4.45 and a 52-week high of $15.68.

Insider Buying and Selling at Rush Street Interactive

In related news, CEO Richard Todd Schwartz sold 4,419 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $13.75, for a total transaction of $60,761.25. Following the transaction, the chief executive officer now directly owns 2,392,587 shares in the company, valued at approximately $32,898,071.25. This represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Wierbicki sold 7,500 shares of the firm's stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $15.00, for a total value of $112,500.00. Following the completion of the sale, the insider now directly owns 139,387 shares in the company, valued at approximately $2,090,805. The trade was a 5.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 884,287 shares of company stock worth $11,632,978. Corporate insiders own 56.89% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RSI. New York State Teachers Retirement System increased its position in Rush Street Interactive by 17.2% during the third quarter. New York State Teachers Retirement System now owns 6,938 shares of the company's stock worth $75,000 after purchasing an additional 1,020 shares during the last quarter. Quarry LP increased its holdings in shares of Rush Street Interactive by 15.9% during the 2nd quarter. Quarry LP now owns 8,762 shares of the company's stock worth $84,000 after buying an additional 1,200 shares during the last quarter. Mesirow Financial Investment Management Inc. increased its holdings in shares of Rush Street Interactive by 7.3% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 25,727 shares of the company's stock worth $279,000 after buying an additional 1,745 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Rush Street Interactive in the 3rd quarter worth $44,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Rush Street Interactive by 25.6% in the second quarter. The Manufacturers Life Insurance Company now owns 28,645 shares of the company's stock valued at $275,000 after acquiring an additional 5,840 shares during the last quarter. 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.