Red Violet (NASDAQ:RDVT) Rating Lowered to “Hold” at Zacks Research

Red Violet (NASDAQ:RDVT) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

Several other brokerages have also recently commented on RDVT. Wall Street Zen upgraded shares of Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Needham & Company LLC initiated coverage on shares of Red Violet in a research note on Tuesday, September 1st. They issued a “buy” rating and a $90.00 target price for the company. Weiss Ratings upgraded shares of Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 13th. Lake Street Capital raised their price objective on Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, Raymond James Financial initiated coverage on shares of Red Violet in a report on Thursday, September 17th. They set an “outperform” rating and a $90.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Red Violet currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Red Violet Stock Up 3.0%

Shares of RDVT stock opened at $78.56 on Tuesday. The stock has a market capitalization of $1.26 billion, a PE ratio of 70.14 and a beta of 1.79. The firm has a 50 day moving average of $75.29 and a two-hundred day moving average of $61.64. Red Violet has a 52 week low of $33.40 and a 52 week high of $81.79.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.17. The business 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%. Analysts expect that Red Violet will post 1.18 EPS for the current fiscal year.

Insider Transactions at Red Violet

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

Institutional Trading of Red Violet

A number of institutional investors have recently bought and sold shares of RDVT. Legal & General Group Plc acquired a new stake in shares of Red Violet in the 2nd quarter valued at $175,000. The Manufacturers Life Insurance Company acquired a new position in Red Violet during the second quarter worth $200,000. Bank of Nova Scotia acquired a new position in Red Violet during the second quarter worth $401,000. Bard Associates Inc. acquired a new position in Red Violet during the second quarter worth $512,000. Finally, Ieq Capital LLC bought a new position in Red Violet during the second quarter valued at about $581,000. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company’s products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.