Wall Street Zen Upgrades Red Violet (NASDAQ:RDVT) to Buy

Red Violet (NASDAQ:RDVT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

RDVT has been the topic of a number of other research reports. Zacks Research lowered shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. B. Riley Financial upped their price target on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a research note on Wednesday, August 5th. Finally, Lake Street Capital raised their price objective on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Red Violet currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

Red Violet Stock Performance

RDVT stock opened at $69.78 on Friday. The stock has a market capitalization of $1.12 billion, a P/E ratio of 62.30 and a beta of 1.82. Red Violet has a 12 month low of $33.40 and a 12 month high of $74.20. The firm has a 50-day moving average price of $63.29 and a 200-day moving average price of $50.07.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.17. The company had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. As a group, equities analysts predict that Red Violet will post 1.06 EPS for the current fiscal year.

Insider Buying and Selling at Red Violet

In other news, CFO Daniel Maclachlan sold 12,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the transaction, the chief financial officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Derek Dubner sold 12,000 shares of Red Violet stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the transaction, the chief executive officer owned 557,273 shares in the company, valued at approximately $32,004,188.39. This trade represents a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 46,000 shares of company stock valued at $2,641,880 in the last quarter. 8.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RDVT. Vanguard Group Inc. grew its position in shares of Red Violet by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 956,443 shares of the company’s stock valued at $54,469,000 after buying an additional 23,736 shares during the last quarter. BlackRock Inc. bought a new position in shares of Red Violet during the second quarter worth about $60,582,000. Wasatch Advisors LP lifted its stake in shares of Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock worth $31,543,000 after acquiring an additional 110,421 shares during the period. Ashford Capital Management Inc. lifted its stake in shares of Red Violet by 13.9% in the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock worth $23,764,000 after acquiring an additional 83,998 shares during the period. Finally, Ophir Asset Management Pty Ltd boosted its holdings in Red Violet by 0.7% in the fourth quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company’s stock valued at $36,368,000 after acquiring an additional 4,372 shares during 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.