Red Violet (NASDAQ:RDVT) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen cut shares of Red Violet (NASDAQ:RDVT) from a strong-buy rating to a buy rating in a research report sent to investors on Friday.

RDVT has been the topic of a number of other research reports. Zacks Research upgraded Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Lake Street Capital reiterated a “buy” rating and issued a $62.00 target price on shares of Red Violet in a research note on Thursday, November 6th. B. Riley upped their price target on shares of Red Violet from $52.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Red Violet in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, Red Violet currently has a consensus rating of “Buy” and a consensus price target of $62.00.

Red Violet Stock Down 3.5%

RDVT stock opened at $48.21 on Friday. The stock has a market cap of $679.28 million, a P/E ratio of 62.61 and a beta of 1.69. Red Violet has a twelve month low of $32.23 and a twelve month high of $64.14. The business’s 50-day moving average price is $53.81 and its 200-day moving average price is $51.03.

Red Violet (NASDAQ:RDVT) last posted its earnings results on Wednesday, November 5th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.07. The company had revenue of $23.08 million during the quarter, compared to analysts’ expectations of $22.64 million. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. On average, equities research analysts expect that Red Violet will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President James Patrick Reilly sold 1,711 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $56.95, for a total value of $97,441.45. Following the completion of the transaction, the president directly owned 231,078 shares in the company, valued at $13,159,892.10. The trade was a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeffrey Alan Dell sold 1,140 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $56.95, for a total value of $64,923.00. Following the transaction, the insider owned 155,934 shares in the company, valued at $8,880,441.30. This trade represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 55,000 shares of company stock valued at $3,182,463 in the last three months. 8.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RDVT. Fifth Third Bancorp acquired a new position in shares of Red Violet in the 2nd quarter valued at $25,000. State of Alaska Department of Revenue purchased a new stake in Red Violet in the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC lifted its position in Red Violet by 160.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock valued at $51,000 after buying an additional 636 shares during the last quarter. USA Financial Formulas acquired a new position in Red Violet in the second quarter valued at about $121,000. Finally, Legal & General Group Plc boosted its stake in Red Violet by 143.5% during the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock worth $142,000 after buying an additional 1,702 shares during the period. Hedge funds and other institutional investors own 63.56% of the company’s stock.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a provider of advanced data, analytics and technology solutions designed to help organizations mitigate financial crime, fraud and security risks. The company’s cloud-native platform consolidates and enriches data from proprietary, public and third-party sources, applying artificial intelligence and machine learning to deliver insights across the risk-management lifecycle. Red Violet’s suite of services includes behavior-based transaction monitoring, automated watchlist and negative-news screening, enhanced due diligence and real-time geospatial threat intelligence.

Leveraging proprietary algorithms, Red Violet offers products that enable compliance teams to streamline anti-money laundering processes, improve fraud detection and respond swiftly to emerging threats.