Red Violet (NASDAQ:RDVT) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Red Violet (NASDAQ:RDVT) from a buy rating to a hold rating in a report released on Saturday.

A number of other brokerages have also issued reports on RDVT. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Red Violet Stock Performance

Shares of Red Violet stock opened at $60.86 on Friday. The stock has a market cap of $858.73 million, a price-to-earnings ratio of 63.40 and a beta of 1.83. The stock has a 50 day moving average price of $58.63 and a 200-day moving average price of $48.27. Red Violet has a one year low of $33.40 and a one year high of $69.65.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.32 by $0.14. Red Violet had a net margin of 14.99% and a return on equity of 14.30%. The company had revenue of $25.83 million during the quarter, compared to analyst estimates of $24.63 million. Sell-side analysts predict that Red Violet will post 1.06 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.44, for a total transaction of $574,400.00. Following the transaction, the insider directly owned 155,889 shares in the company, valued at $8,954,264.16. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Derek Dubner sold 12,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the sale, the chief executive officer owned 557,273 shares of the company’s stock, valued at $32,004,188.39. This represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 46,000 shares of company stock valued at $2,641,880. Company insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

A number of hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its holdings in shares of Red Violet by 414.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Red Violet by 145.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after buying an additional 336 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Red Violet by 160.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after buying an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in Red Violet during the fourth quarter worth $103,000. Finally, State of Alaska Department of Revenue lifted its holdings in Red Violet by 203.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,933 shares of the company’s stock worth $109,000 after buying an additional 1,297 shares during the period. 63.56% of the stock is owned by hedge funds and other institutional investors.

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.