Needham & Company LLC Reiterates Buy Rating for Rush Street Interactive (NYSE:RSI)

Rush Street Interactive (NYSE:RSI - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $17.00 target price on the stock. Needham & Company LLC's price objective would indicate a potential upside of 49.78% from the stock's previous close.

A number of other equities analysts have also issued reports on RSI. Susquehanna raised their target price on Rush Street Interactive from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 25th. Craig Hallum lifted their target price on Rush Street Interactive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Jefferies Financial Group upped their target price on Rush Street Interactive from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Finally, JMP Securities reissued a "market perform" rating on shares of Rush Street Interactive in a research report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $15.50.

Rush Street Interactive Price Performance

NYSE:RSI traded down $0.31 during trading hours on Thursday, hitting $11.35. 2,735,287 shares of the company were exchanged, compared to its average volume of 2,186,692. Rush Street Interactive has a 52-week low of $5.22 and a 52-week high of $16.78. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -567.50 and a beta of 1.88. The company's 50 day moving average price is $14.35 and its 200-day moving average price is $12.31.

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Insiders Place Their Bets

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 149,605 shares of the company's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $14.61, for a total value of $2,185,729.05. Following the completion of the transaction, the chief executive officer now owns 2,151,648 shares in the company, valued at approximately $31,435,577.28. This represents a 6.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Judith Gold sold 118,001 shares of the firm's stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $13.55, for a total value of $1,598,913.55. Following the sale, the director now owns 21,999 shares in the company, valued at $298,086.45. This trade represents a 84.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 800,853 shares of company stock worth $11,292,836. Corporate insiders own 56.89% of the company's stock.

Institutional Trading of Rush Street Interactive

A number of institutional investors and hedge funds have recently made changes to their positions in RSI. R Squared Ltd acquired a new stake in Rush Street Interactive in the 4th quarter valued at $28,000. Heck Capital Advisors LLC purchased a new position in Rush Street Interactive during the fourth quarter valued at $34,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Rush Street Interactive in the third quarter valued at about $44,000. Point72 DIFC Ltd purchased a new stake in shares of Rush Street Interactive during the third quarter worth about $70,000. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Rush Street Interactive during the 4th quarter worth about $71,000. 24.78% of the stock is currently owned by hedge funds and other 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.