Rush Street Interactive (NYSE:RSI) Upgraded to Buy by Craig Hallum

Craig Hallum upgraded shares of Rush Street Interactive (NYSE:RSI) from a hold rating to a buy rating in a research report released on Friday, Marketbeat Ratings reports. The firm currently has $8.00 target price on the stock, up from their prior target price of $7.00.

A number of other equities research analysts have also recently issued reports on RSI. Oppenheimer upped their price target on shares of Rush Street Interactive from $7.00 to $9.00 and gave the company an outperform rating in a report on Thursday, March 7th. Wells Fargo & Company upped their price target on shares of Rush Street Interactive from $7.00 to $8.00 and gave the company an overweight rating in a report on Thursday, March 7th. JMP Securities restated a market perform rating on shares of Rush Street Interactive in a report on Friday, March 8th. Susquehanna restated a neutral rating and set a $6.00 price target (up from $5.00) on shares of Rush Street Interactive in a report on Monday, March 4th. Finally, Needham & Company LLC upped their price objective on shares of Rush Street Interactive from $6.00 to $8.00 and gave the company a buy rating in a research report on Thursday, March 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Rush Street Interactive has an average rating of Moderate Buy and a consensus target price of $7.50.

Rush Street Interactive Trading Up 2.3 %

Shares of NYSE:RSI opened at $6.12 on Friday. The stock has a market capitalization of $1.36 billion, a PE ratio of -22.65 and a beta of 1.71. Rush Street Interactive has a 1 year low of $2.85 and a 1 year high of $7.31. The firm has a fifty day moving average price of $6.13 and a 200 day moving average price of $4.99.

Rush Street Interactive (NYSE:RSI) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Rush Street Interactive had a negative net margin of 2.65% and a negative return on equity of 28.95%. The company had revenue of $193.85 million during the quarter, compared to analysts’ expectations of $181.50 million. On average, sell-side analysts forecast that Rush Street Interactive will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Richard Todd Schwartz sold 38,687 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $5.83, for a total transaction of $225,545.21. Following the completion of the transaction, the chief executive officer now owns 2,256,569 shares of the company’s stock, valued at $13,155,797.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Kyle Sauers sold 15,983 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $6.11, for a total value of $97,656.13. Following the completion of the transaction, the chief financial officer now owns 550,174 shares of the company’s stock, valued at $3,361,563.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Todd Schwartz sold 38,687 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $5.83, for a total transaction of $225,545.21. Following the completion of the transaction, the chief executive officer now directly owns 2,256,569 shares of the company’s stock, valued at approximately $13,155,797.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 331,552 shares of company stock valued at $2,094,498. Insiders own 56.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RSI. SG Americas Securities LLC acquired a new position in Rush Street Interactive in the third quarter worth about $52,000. Allspring Global Investments Holdings LLC raised its position in Rush Street Interactive by 13,627.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,943 shares of the company’s stock worth $78,000 after purchasing an additional 11,856 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Rush Street Interactive during the fourth quarter worth approximately $90,000. Tower Research Capital LLC TRC increased its holdings in shares of Rush Street Interactive by 665.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,923 shares of the company’s stock worth $98,000 after buying an additional 19,058 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Rush Street Interactive during the third quarter worth approximately $107,000. Institutional investors and hedge funds 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.