Rush Street Interactive (NYSE:RSI) Given New $24.00 Price Target at Benchmark

Rush Street Interactive (NYSE:RSI) had its target price raised by stock analysts at Benchmark from $20.00 to $24.00 in a research note issued on Monday, Marketbeat reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target would indicate a potential upside of 14.75% from the stock’s previous close.

Several other research firms also recently weighed in on RSI. Wall Street Zen upgraded Rush Street Interactive from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Oppenheimer lifted their target price on shares of Rush Street Interactive from $16.00 to $21.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Needham & Company LLC upped 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, July 31st. Susquehanna reissued a “positive” rating and issued a $19.00 price target (up from $15.00) on shares of Rush Street Interactive in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Rush Street Interactive in a research report on Monday, June 23rd. They set a “neutral” rating and a $14.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.33.

Rush Street Interactive Stock Down 0.4%

Shares of NYSE RSI opened at $20.92 on Monday. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 104.58 and a beta of 1.90. The company’s 50-day simple moving average is $18.09 and its 200-day simple moving average is $14.15. Rush Street Interactive has a 52-week low of $9.22 and a 52-week high of $22.55.

Rush Street Interactive (NYSE:RSI) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share 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 16.53%. The firm had revenue of $269.22 million during the quarter, compared to the consensus estimate of $248.98 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. Rush Street Interactive has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Rush Street Interactive will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Judith Gold sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $19.61, for a total transaction of $1,961,000.00. Following the completion of the sale, the director owned 111,629 shares in the company, valued at $2,189,044.69. This trade represents a 47.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Todd Schwartz sold 193,905 shares of Rush Street Interactive stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,017,471 shares in the company, valued at approximately $15,658,878.69. The trade was a 16.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,821,090 shares of company stock valued at $46,397,333 over the last ninety days. Company insiders own 56.89% of the company’s stock.

Institutional Investors Weigh In On Rush Street Interactive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its stake in shares of Rush Street Interactive by 1,617.7% in the 1st quarter. Alliancebernstein L.P. now owns 6,133,759 shares of the company’s stock valued at $65,754,000 after purchasing an additional 5,776,660 shares during the last quarter. Nuveen LLC purchased a new stake in Rush Street Interactive in the 1st quarter valued at about $29,005,000. Marshall Wace LLP raised its holdings in Rush Street Interactive by 100.9% in the 2nd quarter. Marshall Wace LLP now owns 2,372,671 shares of the company’s stock valued at $35,353,000 after buying an additional 1,191,546 shares during the period. Nicholas Investment Partners LP acquired a new position in Rush Street Interactive in the fourth quarter valued at about $14,970,000. Finally, Millennium Management LLC lifted its position in Rush Street Interactive by 267.0% in the fourth quarter. Millennium Management LLC now owns 1,337,554 shares of the company’s stock valued at $18,351,000 after buying an additional 973,139 shares during 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.