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

Rush Street Interactive (NYSE:RSI)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $17.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 28.10% from the company’s current price.

Several other research firms also recently commented on RSI. Jefferies Financial Group upped their price objective on shares of Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. 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. Susquehanna increased their price target on Rush Street Interactive from $12.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, JMP Securities reissued a “market perform” rating on shares of Rush Street Interactive in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.33.

Rush Street Interactive Stock Up 3.0 %

Shares of NYSE RSI opened at $13.27 on Thursday. Rush Street Interactive has a 52 week low of $5.22 and a 52 week high of $16.78. The business’s 50 day moving average price is $14.43 and its 200 day moving average price is $12.26. The firm has a market cap of $3.00 billion, a P/E ratio of -663.55 and a beta of 1.88.

Insider Buying and Selling at Rush Street Interactive

In related news, CEO Richard Todd Schwartz sold 4,419 shares of Rush Street Interactive stock in a transaction on Monday, January 13th. The shares were sold at an average price of $13.75, for a total value of $60,761.25. Following the sale, the chief executive officer now owns 2,392,587 shares of the company’s stock, valued at approximately $32,898,071.25. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Judith Gold sold 118,001 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $13.55, for a total transaction of $1,598,913.55. Following the transaction, the director now owns 21,999 shares of the company’s stock, valued at $298,086.45. This represents a 84.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 825,853 shares of company stock valued at $11,655,336. Company insiders own 56.89% of the company’s stock.

Hedge Funds Weigh In On Rush Street Interactive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millrace Asset Group Inc. acquired a new position in Rush Street Interactive in the 3rd quarter valued at $2,135,000. Principal Financial Group Inc. grew its holdings in shares of Rush Street Interactive by 656.2% during the third quarter. Principal Financial Group Inc. now owns 77,658 shares of the company’s stock worth $843,000 after buying an additional 67,388 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Rush Street Interactive by 72.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 820,955 shares of the company’s stock valued at $8,907,000 after buying an additional 344,276 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Rush Street Interactive in the third quarter worth about $656,000. Finally, Legato Capital Management LLC acquired a new position in Rush Street Interactive during the fourth quarter worth about $1,897,000. Hedge funds and other institutional investors own 24.78% of the company’s stock.

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.