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

Rush Street Interactive (NYSE:RSI)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $17.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 45.80% from the company’s previous close.

A number of other brokerages 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. Craig Hallum increased their price objective on shares of Rush Street Interactive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Susquehanna increased their price objective on shares of Rush Street Interactive from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Jefferies Financial Group increased their price objective on shares of Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.50.

Rush Street Interactive Stock Up 3.5 %

Shares of Rush Street Interactive stock opened at $11.66 on Thursday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -583.00 and a beta of 1.88. The company’s 50 day moving average is $14.35 and its 200 day moving average is $12.27. Rush Street Interactive has a twelve month low of $5.22 and a twelve month high of $16.78.

Insiders Place Their Bets

In other news, CEO Richard Todd Schwartz sold 133,905 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $14.22, for a total value of $1,904,129.10. Following the completion of the sale, the chief executive officer now directly owns 2,251,943 shares of the company’s stock, valued at $32,022,629.46. This represents a 5.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kyle Sauers sold 146,015 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $13.91, for a total transaction of $2,031,068.65. Following the completion of the sale, the chief financial officer now directly owns 433 shares of the company’s stock, valued at approximately $6,023.03. This trade represents a 99.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 825,853 shares of company stock worth $11,655,336. Company insiders own 56.89% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Several institutional investors have recently bought and sold shares of the stock. New York State Teachers Retirement System grew its stake 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 valued at $75,000 after acquiring an additional 1,020 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Rush Street Interactive by 0.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 260,380 shares of the company’s stock valued at $3,572,000 after acquiring an additional 1,087 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Rush Street Interactive by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,270 shares of the company’s stock valued at $594,000 after acquiring an additional 1,632 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its stake in Rush Street Interactive by 7.3% during the third quarter. Mesirow Financial Investment Management Inc. now owns 25,727 shares of the company’s stock valued at $279,000 after acquiring an additional 1,745 shares in the last quarter. Finally, R Squared Ltd purchased a new position in Rush Street Interactive during the fourth quarter valued at $28,000. 24.78% of the stock is 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.