Rush Street Interactive (NYSE:RSI) Receives "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 restated by investment analysts at Susquehanna in a note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $19.00 price target on the stock, up from their previous price target of $15.00. Susquehanna's target price suggests a potential downside of 1.81% from the company's current price.

Other equities analysts have also issued research reports about the stock. Benchmark increased their price target on shares of Rush Street Interactive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Needham & Company LLC restated a "buy" rating and issued a $17.00 price objective on shares of Rush Street Interactive in a research report on Thursday, May 1st. Macquarie reaffirmed an "outperform" rating and set a $16.00 target price on shares of Rush Street Interactive in a report on Friday, May 2nd. JPMorgan Chase & Co. started 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. 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 given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Rush Street Interactive has an average rating of "Moderate Buy" and a consensus target price of $17.89.

Rush Street Interactive Stock Down 4.0%

RSI stock traded down $0.81 during midday trading on Wednesday, reaching $19.35. 4,670,008 shares of the company's stock traded hands, compared to its average volume of 1,725,572. Rush Street Interactive has a 52 week low of $8.52 and a 52 week high of $20.32. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 96.75 and a beta of 1.89. The firm's fifty day moving average price is $14.25 and its 200-day moving average price is $13.10.

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

Insider Transactions at Rush Street Interactive

In other Rush Street Interactive news, Director Masi Niccolo De sold 446,094 shares of the business'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 completion of the sale, the director directly owned 15,203 shares in the company, valued at $278,975.05. The trade was a 96.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $15.39, for a total value of $2,984,197.95. Following the sale, the chief executive officer 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. In the last three months, insiders sold 2,594,670 shares of company stock valued at $39,044,844. 56.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its stake in shares of Rush Street Interactive by 94.7% during the 1st quarter. Pacer Advisors Inc. now owns 2,533 shares of the company's stock valued at $27,000 after acquiring an additional 1,232 shares during the period. Summit Securities Group LLC bought a new position in shares of Rush Street Interactive during the 1st quarter valued at approximately $33,000. Heck Capital Advisors LLC bought a new position in shares of Rush Street Interactive during the 4th quarter valued at approximately $34,000. Farther Finance Advisors LLC bought a new position in shares of Rush Street Interactive during the 2nd quarter valued at approximately $42,000. Finally, GAMMA Investing LLC boosted its stake in Rush Street Interactive by 1,687.6% in the 1st quarter. GAMMA Investing LLC now owns 6,507 shares of the company's stock worth $70,000 after purchasing an additional 6,143 shares during the period. 24.78% of the stock is currently owned by 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.