Red Violet (NASDAQ:RDVT) Stock Bumped Down to “Hold” by Wall Street Zen

Red Violet (NASDAQ:RDVT) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on RDVT. Needham & Company LLC raised their target price on Red Violet from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Research downgraded shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 20th. B. Riley Financial raised their price target on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. 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 research note on Tuesday, August 11th. Finally, Raymond James Financial began coverage on Red Violet in a report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Red Violet has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

Red Violet Trading Down 2.8%

Shares of NASDAQ RDVT opened at $70.10 on Friday. The stock has a 50 day moving average of $77.17 and a 200-day moving average of $57.73. Red Violet has a 12 month low of $33.40 and a 12 month high of $83.15. The company has a market capitalization of $1.13 billion, a P/E ratio of 67.59 and a beta of 1.73.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. The firm had revenue of $27.75 million during the quarter, compared to the consensus estimate of $27.22 million. Analysts predict that Red Violet will post 1.18 EPS for the current fiscal year.

Insider Activity

In other news, Director William Livek purchased 2,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the acquisition, the director directly owned 22,733 shares in the company, valued at approximately $1,625,182.17. The trade was a 9.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Several hedge funds have recently modified their holdings of RDVT. Aberdeen Group plc bought a new position in shares of Red Violet in the third quarter worth $1,227,000. Russell Investments Group Ltd. raised its position in Red Violet by 31.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 264,673 shares of the company’s stock worth $20,912,000 after purchasing an additional 63,966 shares during the period. Lisanti Capital Growth LLC purchased a new position in Red Violet in the 3rd quarter worth $1,666,000. Alps Advisors Inc. acquired a new position in Red Violet during the third quarter worth $601,000. Finally, Calamos Advisors LLC lifted its stake in Red Violet by 13.9% during the third quarter. Calamos Advisors LLC now owns 45,568 shares of the company’s stock worth $3,600,000 after purchasing an additional 5,563 shares during the last quarter. Institutional investors and hedge funds own 63.56% of the company’s stock.

About Red Violet

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.