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

Rush Street Interactive (NYSE:RSI) had its target price hoisted 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 firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 13.15% from the company’s current price.

RSI has been the subject of a number of other research reports. 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 report on Wednesday. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a report on Monday, January 6th. Finally, 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 report on Thursday, October 31st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Rush Street Interactive Trading Up 0.6 %

Shares of Rush Street Interactive stock opened at $15.02 on Friday. The firm has a market capitalization of $3.39 billion, a PE ratio of -751.20 and a beta of 1.88. Rush Street Interactive has a twelve month low of $4.45 and a twelve month high of $15.68. The firm’s 50-day moving average price is $13.61 and its 200 day moving average price is $11.27.

Insiders Place Their Bets

In other Rush Street Interactive news, insider Paul Wierbicki sold 7,500 shares of Rush Street Interactive stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $15.00, for a total value of $112,500.00. Following the sale, the insider now owns 139,387 shares in the company, valued at $2,090,805. The trade was a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kyle Sauers sold 25,934 shares of Rush Street Interactive stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $12.30, for a total value of $318,988.20. Following the completion of the sale, the chief financial officer now owns 338,614 shares in the company, valued at $4,164,952.20. This represents a 7.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 884,287 shares of company stock valued at $11,632,978 over the last quarter. 56.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Rush Street Interactive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RSI. New York State Teachers Retirement System raised its holdings in shares of Rush Street Interactive by 17.2% in the 3rd quarter. New York State Teachers Retirement System now owns 6,938 shares of the company’s stock valued at $75,000 after buying an additional 1,020 shares during the period. Quarry LP raised its holdings in shares of Rush Street Interactive by 15.9% in the 2nd quarter. Quarry LP now owns 8,762 shares of the company’s stock valued at $84,000 after buying an additional 1,200 shares during the period. Mesirow Financial Investment Management Inc. raised its holdings in shares of Rush Street Interactive by 7.3% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 25,727 shares of the company’s stock valued at $279,000 after buying an additional 1,745 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Rush Street Interactive in the 3rd quarter valued at $44,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Rush Street Interactive by 25.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,645 shares of the company’s stock valued at $275,000 after buying an additional 5,840 shares during the period. 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.