Rush Street Interactive Analysts Raise Their Forecasts After Upbeat Results

Rush Street Interactive RSI reported better-than-expected financial results for its fourth quarter on Wednesday.

Rush Street Interactive posted adjusted earnings of 1 cent per share, versus market expectations for a loss of 3 cents per share. The company’s quarterly sales came in at $193.85 million beating estimates of $178.56 million, according to data from Benzinga Pro.

Richard Schwartz, Chief Executive Officer of RSI, said, “We concluded 2023 with a fourth quarter that produced records in both revenues and adjusted EBITDA. For the year, we grew revenue to $691 million on strong customer engagement and retention. At the same time, we improved our Adjusted EBITDA by $100 million compared to the prior year. These results and the ensuing momentum have carried into strong guidance for the new year, reflecting our longstanding customer-centric principles and obsession with developing innovative and differentiated user experiences.”

Rush Street Interactive said it sees 2024 revenue of $770 million to $830 million, versus estimates of $759.25 million.

Rush Street Interactive shares gained 2.1% to close at $5.39 on Wednesday.

These analysts made changes to their price targets on Rush Street Interactive after the company reported quarterly results.

• Needham raised the price target on Rush Street Interactive from $6 to $8. Needham analyst Bernie McTernan maintained a Buy rating.
• Wells Fargo boosted the price target on Rush Street Interactive from $7 to $8. Wells Fargo analyst Daniel Politzer maintained an Overweight rating.

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