Red Violet (NASDAQ:RDVT) Upgraded at Zacks Research

Red Violet (NASDAQ:RDVT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Wall Street Zen cut Red Violet from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings cut Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $62.00.

Red Violet Stock Down 0.3%

Shares of RDVT opened at $39.60 on Monday. The company has a 50-day moving average price of $44.64 and a two-hundred day moving average price of $50.34. The stock has a market cap of $558.76 million, a price-to-earnings ratio of 44.00 and a beta of 1.67. Red Violet has a 12 month low of $32.23 and a 12 month high of $64.14.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings data on Wednesday, March 4th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.06. Red Violet had a return on equity of 12.88% and a net margin of 14.57%.The company had revenue of $23.39 million for the quarter, compared to analyst estimates of $22.00 million. Equities research analysts expect that Red Violet will post 0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Ophir Asset Management Pty Ltd bought a new stake in Red Violet during the 2nd quarter worth approximately $11,892,000. Royal Bank of Canada increased its holdings in Red Violet by 247.4% during the 4th quarter. Royal Bank of Canada now owns 282,480 shares of the company’s stock valued at $16,088,000 after purchasing an additional 201,169 shares in the last quarter. Brown Capital Management LLC raised its position in Red Violet by 31.3% in the 2nd quarter. Brown Capital Management LLC now owns 469,340 shares of the company’s stock valued at $23,092,000 after purchasing an additional 111,908 shares during the last quarter. AQR Capital Management LLC bought a new position in Red Violet in the 1st quarter valued at $3,826,000. Finally, Wasatch Advisors LP boosted its stake in Red Violet by 10.4% in the third quarter. Wasatch Advisors LP now owns 888,857 shares of the company’s stock worth $46,443,000 after purchasing an additional 83,831 shares in the last quarter. 63.56% of the stock is owned by institutional investors and hedge funds.

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.