Red Violet (NASDAQ:RDVT) Upgraded at 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 morning,Wall Street Zen reports.

Several other equities research analysts also recently commented on RDVT. Zacks Research raised shares of Red Violet from a “hold” rating to a “strong-buy” rating in a report on Monday, September 21st. B. Riley Financial lifted their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, September 28th. Lake Street Capital boosted their price target on shares of Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC assumed coverage on shares of Red Violet in a research note on Tuesday, September 1st. They set a “buy” rating and a $90.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $83.50.

Red Violet Price Performance

Shares of NASDAQ RDVT opened at $80.17 on Friday. Red Violet has a one year low of $33.40 and a one year high of $81.79. The business’s fifty day moving average price is $74.12 and its 200-day moving average price is $59.63. The stock has a market capitalization of $1.29 billion, a PE ratio of 71.58 and a beta of 1.79.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.17. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. As a group, equities analysts expect that Red Violet will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling at Red Violet

In related news, Director William Livek purchased 2,000 shares of Red Violet stock in a transaction dated Thursday, August 27th. The stock was bought at an average cost of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the transaction, the director owned 22,733 shares in the company, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

A number of institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted 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 purchasing an additional 1,316 shares in the last quarter. Legal & General Group Plc bought a new position in Red Violet in the 2nd quarter valued at $175,000. The Manufacturers Life Insurance Company purchased a new position in shares of Red Violet during the 2nd quarter valued at $200,000. Bank of Nova Scotia purchased a new position in shares of Red Violet during the 2nd quarter valued at $401,000. Finally, Bard Associates Inc. purchased a new position in shares of Red Violet during the 2nd quarter valued at $512,000. Hedge funds and other institutional investors own 63.56% of the company’s stock.

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.