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

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

Several other research firms have also recently issued reports on RSI. Wells Fargo & Company raised their target price on shares of Rush Street Interactive from $7.00 to $8.00 and gave the stock an overweight rating in a research report on Thursday, March 7th. Needham & Company LLC raised their price target on shares of Rush Street Interactive from $6.00 to $8.00 and gave the company a buy 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. Oppenheimer raised 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. Finally, Susquehanna restated a neutral rating and issued a $6.00 price target (up previously from $5.00) on shares of Rush Street Interactive in a report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $7.50.

Rush Street Interactive Stock Performance

RSI opened at $5.98 on Friday. The company’s 50 day simple moving average is $6.13 and its 200 day simple moving average is $4.96. Rush Street Interactive has a 1 year low of $2.85 and a 1 year high of $7.31. The stock has a market capitalization of $1.33 billion, a PE ratio of -22.13 and a beta of 1.71.

Rush Street Interactive (NYSE:RSI) last released its earnings results on Wednesday, March 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $193.85 million for the quarter, compared to analysts’ expectations of $181.50 million. As a group, sell-side analysts expect that Rush Street Interactive will post -0.22 earnings per share for the current fiscal year.

Insider Transactions at Rush Street Interactive

In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 38,687 shares of Rush Street Interactive stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $5.83, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Rush Street Interactive news, CEO Richard Todd Schwartz sold 38,687 shares of Rush Street Interactive stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $5.83, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Mattias Stetz sold 88,431 shares of Rush Street Interactive stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $6.42, for a total transaction of $567,727.02. Following the completion of the transaction, the chief operating officer now directly owns 603,614 shares of the company’s stock, valued at approximately $3,875,201.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 331,552 shares of company stock valued at $2,094,498. 56.96% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rush Street Interactive

A number of hedge funds have recently added to or reduced their stakes in RSI. Goldman Sachs Group Inc. boosted its holdings in Rush Street Interactive by 3,764.7% in the first quarter. Goldman Sachs Group Inc. now owns 4,365,196 shares of the company’s stock worth $31,735,000 after purchasing an additional 4,252,245 shares during the period. Canyon Capital Advisors LLC grew its position in shares of Rush Street Interactive by 66.5% during the first quarter. Canyon Capital Advisors LLC now owns 5,735,284 shares of the company’s stock worth $17,837,000 after acquiring an additional 2,289,730 shares during the last quarter. FMR LLC grew its position in shares of Rush Street Interactive by 4,395.9% during the third quarter. FMR LLC now owns 1,888,355 shares of the company’s stock worth $8,724,000 after acquiring an additional 1,846,353 shares during the last quarter. Morgan Stanley grew its position in shares of Rush Street Interactive by 459.9% during the fourth quarter. Morgan Stanley now owns 1,305,257 shares of the company’s stock worth $4,686,000 after acquiring an additional 1,072,117 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Rush Street Interactive during the fourth quarter worth about $3,831,000. Institutional investors and hedge funds 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.