Red Violet, Inc. (NASDAQ:RDVT) Stock Rated “Buy” by Wall Street Brokerages

Shares of Red Violet, Inc. (NASDAQ:RDVT) have been assigned an average recommendation of “Buy” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $83.50.

RDVT has been the subject of a number of recent analyst reports. Needham & Company LLC started coverage on shares of Red Violet in a research report on Tuesday, September 1st. They issued a “buy” rating and a $90.00 price objective for the company. Raymond James Financial initiated coverage on shares of Red Violet in a report on Thursday, September 17th. They issued an “outperform” rating and a $90.00 target price for the company. Wall Street Zen downgraded Red Violet from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. B. Riley Financial increased their price objective on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Zacks Research raised shares of Red Violet from a “hold” rating to a “strong-buy” rating in a report on Monday, September 21st.

Red Violet Price Performance

NASDAQ:RDVT opened at $79.27 on Friday. The firm’s fifty day moving average price is $72.68 and its 200 day moving average price is $57.79. Red Violet has a 1-year low of $33.40 and a 1-year high of $81.79. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 70.78 and a beta of 1.78.

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. The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. As a group, analysts expect that Red Violet will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William Livek bought 2,000 shares of the stock in a transaction on Thursday, August 27th. The shares were purchased at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the acquisition, the director owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Several institutional investors and hedge funds have recently made changes to their positions in RDVT. EverSource Wealth Advisors LLC lifted its stake in shares of Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Red Violet by 569.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,547 shares of the company’s stock worth $88,000 after acquiring an additional 1,316 shares during the period. Legal & General Group Plc purchased a new position in shares of Red Violet during the 2nd quarter worth $175,000. The Manufacturers Life Insurance Company purchased a new position in shares of Red Violet during the 2nd quarter worth $200,000. Finally, State of Wyoming boosted its holdings in shares of Red Violet by 5.4% during the fourth quarter. State of Wyoming now owns 5,430 shares of the company’s stock worth $309,000 after purchasing an additional 279 shares during the last quarter. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

About Red Violet

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.