B. Riley Initiates Coverage on Red Violet (NASDAQ:RDVT)

B. Riley assumed coverage on shares of Red Violet (NASDAQ:RDVT) in a research report report published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $25.00 price target on the stock. B. Riley also issued estimates for Red Violet’s Q1 2024 earnings at $0.06 EPS, Q2 2024 earnings at $0.04 EPS, Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at ($0.03) EPS, FY2024 earnings at $0.19 EPS and FY2025 earnings at $0.34 EPS.

Red Violet Price Performance

NASDAQ:RDVT opened at $19.55 on Tuesday. Red Violet has a fifty-two week low of $15.20 and a fifty-two week high of $23.30. The stock’s 50-day moving average is $18.30 and its two-hundred day moving average is $19.29. The stock has a market cap of $272.92 million, a PE ratio of 20.80 and a beta of 1.13.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($0.06) earnings per share (EPS) for the quarter. The firm had revenue of $15.06 million for the quarter. Red Violet had a net margin of 22.47% and a return on equity of 16.92%. On average, equities research analysts anticipate that Red Violet will post 0.19 earnings per share for the current year.

Institutional Investors Weigh In On Red Violet

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada bought a new stake in Red Violet during the first quarter worth approximately $28,000. BNP Paribas Arbitrage SA boosted its position in Red Violet by 10,472.2% during the second quarter. BNP Paribas Arbitrage SA now owns 1,903 shares of the company’s stock worth $36,000 after purchasing an additional 1,885 shares during the period. Tower Research Capital LLC TRC boosted its position in Red Violet by 70.7% during the third quarter. Tower Research Capital LLC TRC now owns 3,113 shares of the company’s stock worth $54,000 after purchasing an additional 1,289 shares during the period. Barclays PLC boosted its position in Red Violet by 542.0% during the fourth quarter. Barclays PLC now owns 2,613 shares of the company’s stock worth $60,000 after purchasing an additional 2,206 shares during the period. Finally, Citigroup Inc. bought a new stake in Red Violet during the second quarter worth approximately $68,000. Institutional investors own 63.56% of the company’s stock.

About Red Violet

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.