Red Violet (NASDAQ:RDVT) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Red Violet (NASDAQ:RDVT) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

A number of other research analysts also recently issued reports on the company. Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a research note on Friday, May 8th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Red Violet Price Performance

Shares of RDVT stock opened at $63.01 on Friday. The firm has a 50-day moving average of $58.91 and a 200-day moving average of $48.31. Red Violet has a one year low of $33.40 and a one year high of $69.65. The company has a market cap of $889.07 million, a P/E ratio of 65.64 and a beta of 1.83.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.14. The business had revenue of $25.83 million for the quarter, compared to analysts’ expectations of $24.63 million. Red Violet had a net margin of 14.99% and a return on equity of 14.30%. As a group, research analysts expect that Red Violet will post 1.06 earnings per share for the current fiscal year.

Insider Activity at Red Violet

In related news, CEO Derek Dubner sold 12,000 shares of Red Violet stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the sale, the chief executive officer owned 557,273 shares of the company’s stock, valued at approximately $32,004,188.39. The trade was a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Maclachlan sold 12,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the transaction, the chief financial officer directly owned 358,902 shares of the company’s stock, valued at approximately $20,611,741.86. This trade represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 46,000 shares of company stock worth $2,641,880. 8.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Red Violet by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 956,443 shares of the company’s stock worth $54,469,000 after acquiring an additional 23,736 shares during the last quarter. Wasatch Advisors LP lifted its holdings in Red Violet by 13.8% during the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock valued at $31,543,000 after purchasing an additional 110,421 shares during the last quarter. Ashford Capital Management Inc. lifted its holdings in Red Violet by 13.9% during the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock valued at $23,764,000 after purchasing an additional 83,998 shares during the last quarter. Ophir Asset Management Pty Ltd boosted its position in Red Violet by 0.7% during the fourth quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company’s stock worth $36,368,000 after purchasing an additional 4,372 shares during the period. Finally, Geode Capital Management LLC boosted its position in Red Violet by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 337,481 shares of the company’s stock worth $19,224,000 after purchasing an additional 16,657 shares during the period. 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.