Rush Street Interactive’s (RSI) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Rush Street Interactive (NYSE:RSI) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $17.00 price objective on the stock.

Several other research analysts have also issued reports on RSI. Craig Hallum increased their price target on shares of Rush Street Interactive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group increased their price target on shares of Rush Street Interactive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a research note on Monday, January 6th. Finally, Susquehanna increased their price target on shares of Rush Street Interactive from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.50.

Rush Street Interactive Price Performance

Shares of Rush Street Interactive stock opened at $11.66 on Thursday. The company has a 50-day moving average of $14.35 and a 200 day moving average of $12.29. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -583.00 and a beta of 1.88. Rush Street Interactive has a 1 year low of $5.22 and a 1 year high of $16.78.

Insider Buying and Selling at Rush Street Interactive

In other news, insider Einar Roosileht sold 48,968 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.04, for a total transaction of $687,510.72. Following the sale, the insider now owns 830,292 shares of the company’s stock, valued at $11,657,299.68. This trade represents a 5.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Richard Todd Schwartz sold 149,605 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $14.61, for a total transaction of $2,185,729.05. Following the sale, the chief executive officer now directly owns 2,151,648 shares in the company, valued at approximately $31,435,577.28. The trade was a 6.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 825,853 shares of company stock worth $11,655,336. 56.89% of the stock is owned by corporate insiders.

Institutional Trading of Rush Street Interactive

Institutional investors have recently made changes to their positions in the stock. Millrace Asset Group Inc. purchased a new stake in shares of Rush Street Interactive during the 3rd quarter valued at about $2,135,000. Principal Financial Group Inc. boosted its holdings in shares of Rush Street Interactive by 656.2% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 worth $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 approximately $656,000. Finally, Legato Capital Management LLC purchased a new position in shares of Rush Street Interactive in the fourth quarter worth approximately $1,897,000. Hedge funds and other institutional investors own 24.78% of the company’s stock.

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.