Red Violet (NASDAQ:RDVT) Upgraded at Wall Street Zen

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

Several other research analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Red Violet in a research note on Wednesday, October 8th. B. Riley upped their price target on shares of Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Red Violet in a research note on Thursday, November 6th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Red Violet presently has an average rating of “Moderate Buy” and an average target price of $62.00.

Red Violet Stock Performance

Shares of NASDAQ:RDVT opened at $57.97 on Friday. Red Violet has a 52-week low of $32.23 and a 52-week high of $64.14. The company has a market capitalization of $809.84 million, a PE ratio of 75.29 and a beta of 1.76. The company has a fifty day moving average of $52.22 and a 200-day moving average of $48.39.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. The business had revenue of $23.08 million for the quarter, compared to analyst estimates of $22.64 million. Red Violet had a return on equity of 12.26% and a net margin of 12.96%. On average, equities analysts forecast that Red Violet will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Violet

Several institutional investors and hedge funds have recently made changes to their positions in RDVT. Vanguard Group Inc. increased its position in shares of Red Violet by 4.2% during the third quarter. Vanguard Group Inc. now owns 932,707 shares of the company’s stock worth $48,734,000 after acquiring an additional 37,622 shares in the last quarter. Essex Investment Management Co. LLC boosted its stake in Red Violet by 3.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 61,217 shares of the company’s stock valued at $3,199,000 after purchasing an additional 2,015 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in Red Violet during the 3rd quarter worth approximately $201,000. State of Wyoming increased its holdings in Red Violet by 71.1% during the 3rd quarter. State of Wyoming now owns 5,151 shares of the company’s stock worth $269,000 after purchasing an additional 2,141 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Red Violet by 227.0% in the third quarter. Principal Financial Group Inc. now owns 17,796 shares of the company’s stock worth $930,000 after purchasing an additional 12,353 shares during the last quarter. Institutional investors own 63.56% of the company’s stock.

About Red Violet

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.