Red Violet (NASDAQ:RDVT) Stock Moved Up to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Red Violet (NASDAQ:RDVT) from a hold rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

RDVT has been the subject of several other reports. Lake Street Capital lifted their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Zacks Research upgraded Red Violet from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 21st. Weiss Ratings raised Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, September 28th. Needham & Company LLC started coverage on Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price objective for the company. Finally, B. Riley Financial increased their price objective on Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $83.50.

Red Violet Price Performance

RDVT stock opened at $79.78 on Friday. The firm has a market capitalization of $1.28 billion, a P/E ratio of 71.23 and a beta of 1.79. The business’s 50-day moving average is $73.89 and its two-hundred day moving average is $59.19. Red Violet has a 1 year low of $33.40 and a 1 year high of $81.79.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. The business had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. On average, analysts expect that Red Violet will post 1.18 EPS for the current year.

Insider Activity at Red Violet

In related news, Director William Livek purchased 2,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was acquired at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the acquisition, the director directly owned 22,733 shares of the company’s stock, valued at $1,625,182.17. This trade represents a 9.65% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Red Violet

Several institutional investors have recently modified their holdings of the company. Susquehanna International Group LLP boosted its position in shares of Red Violet by 273.5% in the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company’s stock worth $1,385,000 after buying an additional 15,912 shares in the last quarter. Bank of America Corp DE purchased a new position in Red Violet during the second quarter worth about $1,180,000. Man Group plc purchased a new position in shares of Red Violet during the 2nd quarter worth about $2,618,000. Hsbc Holdings PLC acquired a new position in shares of Red Violet in the 2nd quarter valued at $763,000. Finally, PDT Partners LLC acquired a new stake in shares of Red Violet in the second quarter valued at about $3,039,000. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops proprietary data analytics and information solutions for organizations in the public and private sectors. Its platforms are designed to help customers identify individuals and businesses, assess risk, detect potential fraud, and support investigative and compliance-related workflows.

The company’s primary offerings include idiCORE, a cloud-based investigative and information platform, and FOREWARN, a mobile application that provides real estate professionals with identity verification and risk assessment tools.