Red Violet (NASDAQ:RDVT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Red Violet (NASDAQ:RDVT) had its price target upped by equities research analysts at Needham & Company LLC from $90.00 to $100.00 in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC‘s price target would indicate a potential upside of 42.65% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Weiss Ratings upgraded shares of Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 13th. Raymond James Financial initiated coverage on Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price objective for the company. Zacks Research cut Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. Lake Street Capital increased their price target 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, B. Riley Financial raised their price target on Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Red Violet presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

Red Violet Stock Down 2.8%

NASDAQ RDVT traded down $2.02 during trading hours on Thursday, hitting $70.10. The company had a trading volume of 189,645 shares, compared to its average volume of 158,332. Red Violet has a fifty-two week low of $33.40 and a fifty-two week high of $83.15. The business has a fifty day simple moving average of $77.17 and a 200-day simple moving average of $57.73. The firm has a market cap of $1.13 billion, a P/E ratio of 59.41 and a beta of 1.73.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The business had revenue of $27.75 million for the quarter, compared to analysts’ expectations of $27.22 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. Equities analysts forecast that Red Violet will post 1.18 EPS for the current fiscal year.

Insider Activity

In related news, Director William Livek acquired 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 completion of the purchase, the director directly owned 22,733 shares of the company’s stock, valued at $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Red Violet

A number of institutional investors have recently added to or reduced their stakes in the company. Aberdeen Group plc bought a new position in Red Violet during the 3rd quarter valued at $1,227,000. Russell Investments Group Ltd. lifted its holdings in shares of Red Violet by 31.9% in the third quarter. Russell Investments Group Ltd. now owns 264,673 shares of the company’s stock valued at $20,912,000 after buying an additional 63,966 shares during the period. Lisanti Capital Growth LLC acquired a new stake in shares of Red Violet in the third quarter valued at $1,666,000. Alps Advisors Inc. bought a new position in Red Violet during the third quarter valued at about $601,000. Finally, Calamos Advisors LLC boosted 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 valued at $3,600,000 after buying an additional 5,563 shares in the last quarter. 63.56% of the stock is currently owned by institutional investors and hedge funds.

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.