Rush Street Interactive (NYSE:RSI) Price Target Raised 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 boosted by investment analysts at Oppenheimer from $16.00 to $21.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price target points to a potential upside of 8.53% from the company's previous close.

RSI has been the topic of a number of other reports. Jefferies Financial Group lifted their price target on shares of Rush Street Interactive from $17.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. JPMorgan Chase & Co. assumed coverage on shares of Rush Street Interactive in a report on Monday, June 23rd. They issued a "neutral" rating and a $14.00 target price on the stock. Needham & Company LLC boosted their target price on shares of Rush Street Interactive from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday. Macquarie restated an "outperform" rating and issued a $16.00 target price on shares of Rush Street Interactive in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Rush Street Interactive presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.89.

Rush Street Interactive Stock Down 4.0%

NYSE RSI traded down $0.81 on Thursday, reaching $19.35. The company had a trading volume of 4,670,008 shares, compared to its average volume of 1,725,572. The stock has a market capitalization of $4.43 billion, a PE ratio of 96.75 and a beta of 1.89. The firm's 50 day moving average price is $14.40 and its 200 day moving average price is $13.14. Rush Street Interactive has a 12 month low of $8.52 and a 12 month high of $20.32.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The company had revenue of $269.22 million for the quarter, compared to the consensus estimate of $248.98 million. Rush Street Interactive had a net margin of 2.48% and a return on equity of 17.77%. Rush Street Interactive's revenue for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 EPS. On average, research analysts expect that Rush Street Interactive will post 0.04 EPS for the current year.

Insider Transactions at Rush Street Interactive

In related news, Director Masi Niccolo De sold 446,094 shares of Rush Street Interactive stock in a transaction dated 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 directly owned 15,203 shares of the company's stock, valued at approximately $278,975.05. The trade was a 96.70% decrease in their position. 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 193,905 shares of Rush Street Interactive stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $15.39, for a total transaction of $2,984,197.95. Following the transaction, the chief executive officer directly owned 1,017,471 shares of the company's stock, valued at approximately $15,658,878.69. This represents a 16.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,594,670 shares of company stock valued at $39,044,844. 56.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rush Street Interactive

A number of large investors have recently made changes to their positions in RSI. Raymond James Financial Inc. purchased a new position in shares of Rush Street Interactive during the 4th quarter worth about $1,282,000. American Century Companies Inc. boosted its position in Rush Street Interactive by 45.6% in the 4th quarter. American Century Companies Inc. now owns 147,747 shares of the company's stock valued at $2,027,000 after buying an additional 46,293 shares during the period. Sei Investments Co. boosted its position in Rush Street Interactive by 59.2% in the 4th quarter. Sei Investments Co. now owns 333,425 shares of the company's stock valued at $4,575,000 after buying an additional 124,045 shares during the period. LPL Financial LLC purchased a new stake in Rush Street Interactive in the 4th quarter valued at about $173,000. Finally, Vanguard Group Inc. boosted its position in Rush Street Interactive by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 8,596,434 shares of the company's stock valued at $117,943,000 after buying an additional 1,056,583 shares during the period. 24.78% of the stock is owned by hedge funds and other institutional investors.

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.