Oppenheimer Raises Rush Street Interactive (NYSE:RSI) Price Target to $21.00

Key Points

• Oppenheimer raised its price target for Rush Street Interactive (NYSE:RSI) from $16.00 to $21.00, indicating a potential upside of 13.96% from the current stock price, while maintaining an "outperform" rating.
• The company reported $269.22 million in revenue for the last quarter, surpassing analyst expectations of $248.98 million, and noted a year-over-year revenue increase of 22.2%.
• Despite positive analyst ratings, insider selling is significant, with directors selling a combined total of over $28 million worth of stock in recent transactions.

Rush Street Interactive (NYSE:RSI - Get Free Report) had its price target hoisted by analysts at Oppenheimer from $16.00 to $21.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's target price points to a potential upside of 6.76% from the company's current price.

Other research analysts have also issued research reports about the company. Needham & Company LLC upped their price target on Rush Street Interactive from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Thursday. Benchmark lifted their price target on Rush Street Interactive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Jefferies Financial Group boosted their price target on Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Macquarie reaffirmed an "outperform" rating and set a $16.00 price target on shares of Rush Street Interactive in a research report on Friday, May 2nd. Finally, Wall Street Zen raised Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research report on Friday, July 18th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.89.

Rush Street Interactive Price Performance

Shares of RSI stock traded up $0.32 during trading hours on Thursday, reaching $19.67. The company had a trading volume of 2,582,355 shares, compared to its average volume of 1,737,390. Rush Street Interactive has a 12 month low of $8.52 and a 12 month high of $20.32. The business has a fifty day simple moving average of $14.40 and a 200-day simple moving average of $13.11. The company has a market cap of $4.50 billion, a price-to-earnings ratio of 98.35 and a beta of 1.89.

Rush Street Interactive (NYSE:RSI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. Rush Street Interactive had a return on equity of 16.53% and a net margin of 2.48%. The firm had revenue of $269.22 million for the quarter, compared to analyst estimates of $248.98 million. During the same period in the previous year, the company posted $0.04 earnings per share. The business's revenue was up 22.2% on a year-over-year basis. On average, equities research analysts expect that Rush Street Interactive will post 0.04 earnings per share for the current year.

Insider Activity

In other Rush Street Interactive news, insider Einar Roosileht sold 70,000 shares of Rush Street Interactive stock in a transaction on Friday, August 1st. The shares were sold at an average price of $18.95, for a total value of $1,326,500.00. Following the transaction, the insider directly owned 876,150 shares in the company, valued at approximately $16,603,042.50. The trade was a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Masi Niccolo De sold 446,094 shares of Rush Street Interactive stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $18.35, for a total transaction of $8,185,824.90. Following the completion of the transaction, the director owned 15,203 shares in the company, valued at approximately $278,975.05. This represents a 96.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,594,670 shares of company stock valued at $39,044,844 in the last 90 days. Company insiders own 56.94% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in Rush Street Interactive by 28.0% during the fourth quarter. Bank of America Corp DE now owns 563,769 shares of the company's stock worth $7,735,000 after buying an additional 123,305 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Rush Street Interactive by 72.6% during the first quarter. Assenagon Asset Management S.A. now owns 542,376 shares of the company's stock worth $5,814,000 after purchasing an additional 228,187 shares during the last quarter. Calamos Advisors LLC increased its position in shares of Rush Street Interactive by 17.9% in the first quarter. Calamos Advisors LLC now owns 540,008 shares of the company's stock worth $5,789,000 after acquiring an additional 82,067 shares in the last quarter. Two Sigma Investments LP acquired a new stake in Rush Street Interactive during the 4th quarter valued at $783,000. Finally, GAMMA Investing LLC grew its holdings in Rush Street Interactive by 1,687.6% during the 1st quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock valued at $70,000 after purchasing an additional 6,143 shares in the last quarter. 24.78% of the stock is currently owned by institutional investors and hedge funds.

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.