Wells Fargo & Company Forecasts Strong Price Appreciation for Rush Street Interactive (NYSE:RSI) Stock

Rush Street Interactive (NYSE:RSI) had its price objective increased by Wells Fargo & Company from $14.00 to $15.00 in a research note released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently commented on RSI. Craig Hallum lifted their price target on Rush Street Interactive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. JMP Securities reiterated a “market perform” rating on shares of Rush Street Interactive in a research report on Monday, January 6th. Jefferies Financial Group boosted their price target on Rush Street Interactive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Susquehanna raised their price objective on Rush Street Interactive from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $17.00 target price on shares of Rush Street Interactive in a research note on Thursday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.71.

Rush Street Interactive Price Performance

NYSE RSI opened at $11.27 on Thursday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of -563.70 and a beta of 1.88. Rush Street Interactive has a 12 month low of $5.22 and a 12 month high of $16.78. The company’s fifty day moving average price is $14.39 and its two-hundred day moving average price is $12.25.

Insider Activity at Rush Street Interactive

In other news, insider Einar Roosileht sold 48,968 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $14.04, for a total transaction of $687,510.72. Following the completion of the transaction, the insider now owns 830,292 shares of the company’s stock, valued at approximately $11,657,299.68. The trade was a 5.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Todd Schwartz sold 133,905 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $14.22, for a total transaction of $1,904,129.10. Following the completion of the sale, the chief executive officer now directly owns 2,251,943 shares in the company, valued at approximately $32,022,629.46. This trade represents a 5.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 825,853 shares of company stock worth $11,655,336 in the last 90 days. 56.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rush Street Interactive

A number of hedge funds have recently made changes to their positions in RSI. Heck Capital Advisors LLC acquired a new stake in Rush Street Interactive in the 4th quarter valued at approximately $34,000. Mackenzie Financial Corp acquired a new position in shares of Rush Street Interactive during the fourth quarter valued at $1,123,000. PharVision Advisers LLC acquired a new position in shares of Rush Street Interactive during the fourth quarter valued at $400,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Rush Street Interactive by 171.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 163,966 shares of the company’s stock valued at $2,250,000 after purchasing an additional 103,546 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its holdings in Rush Street Interactive by 1,084.0% in the fourth quarter. Voloridge Investment Management LLC now owns 194,033 shares of the company’s stock worth $2,662,000 after purchasing an additional 177,645 shares during the period. 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.