Rush Street Interactive (NYSE:RSI) Earns Positive Rating from Susquehanna

Key Points

• Rush Street Interactive's price target was raised from $15.00 to $19.00 by analysts at Susquehanna, indicating a potential upside of 21.76% based on the stock's previous closing price.
• The company reported a 20.7% increase in revenue year-over-year for the last quarter, with earnings per share topping estimates at $0.09.
• Insider activity showed significant selling, with insiders selling over 2.1 million shares in the past 90 days, raising concerns regarding confidence in the stock.

Rush Street Interactive (NYSE:RSI - Get Free Report)'s stock had its "positive" rating reaffirmed by equities researchers at Susquehanna in a research report issued to clients and investors on Wednesday, July 30th, Marketbeat.com reports. They currently have a $19.00 price objective on the stock, up from their previous price objective of $15.00. Susquehanna's price target would suggest a potential downside of 0.68% from the stock's current price.

RSI has been the subject of a number of other reports. Macquarie reaffirmed an "outperform" rating and issued a $16.00 target price on shares of Rush Street Interactive in a report on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and set a $17.00 price target on shares of Rush Street Interactive in a research note on Thursday, May 1st. Benchmark boosted 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 Tuesday, July 1st. JPMorgan Chase & Co. began coverage on shares of Rush Street Interactive in a research note on Monday, June 23rd. They set a "neutral" rating and a $14.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Rush Street Interactive from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Rush Street Interactive has an average rating of "Moderate Buy" and a consensus target price of $17.89.

Rush Street Interactive Stock Performance

Shares of NYSE:RSI opened at $19.13 on Wednesday. The company has a 50-day simple moving average of $14.70 and a 200-day simple moving average of $13.18. Rush Street Interactive has a one year low of $8.76 and a one year high of $20.32. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 95.65 and a beta of 1.90.

Rush Street Interactive (NYSE:RSI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. Rush Street Interactive had a net margin of 2.48% and a return on equity of 16.53%. The business had revenue of $269.22 million during the quarter, compared to analysts' expectations of $248.98 million. During the same period in the prior year, the company earned $0.04 earnings per share. The business's revenue was up 22.2% compared to the same quarter last year. As a group, research analysts forecast that Rush Street Interactive will post 0.04 EPS for the current fiscal year.

Insider Activity

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 193,905 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were 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 in the company, valued at approximately $15,658,878.69. This represents a 16.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Masi Niccolo De sold 446,094 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $18.35, for a total transaction of $8,185,824.90. Following the transaction, the director owned 15,203 shares in the company, valued at $278,975.05. The trade was a 96.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,729,670 shares of company stock worth $41,686,594 over the last 90 days. 56.89% of the stock is currently owned by company insiders.

Institutional Trading of Rush Street Interactive

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Rush Street Interactive by 28.0% in the fourth quarter. Bank of America Corp DE now owns 563,769 shares of the company's stock valued at $7,735,000 after purchasing an additional 123,305 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Rush Street Interactive by 72.6% in the first quarter. Assenagon Asset Management S.A. now owns 542,376 shares of the company's stock valued at $5,814,000 after purchasing an additional 228,187 shares in the last quarter. Calamos Advisors LLC lifted its holdings 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 valued at $5,789,000 after purchasing an additional 82,067 shares in the last quarter. Two Sigma Investments LP purchased a new stake in shares of Rush Street Interactive in the fourth quarter valued at about $783,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Rush Street Interactive by 1,687.6% in the first 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. 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.