Red Violet (NASDAQ:RDVT) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Red Violet (NASDAQ:RDVT) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks reports.

A number of other equities analysts have also weighed in on RDVT. Lake Street Capital lifted their price objective on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings lowered Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Wall Street Zen cut Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday. B. Riley Financial boosted 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. Finally, Raymond James Financial initiated coverage on Red Violet in a research report on Thursday, September 17th. They issued an “outperform” rating and a $90.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $83.50.

Red Violet Price Performance

RDVT stock opened at $73.41 on Monday. The company has a market capitalization of $1.18 billion, a P/E ratio of 65.54 and a beta of 1.81. Red Violet has a 12 month low of $33.40 and a 12 month high of $80.29. The firm’s fifty day simple moving average is $70.36 and its 200-day simple moving average is $55.88.

Red Violet (NASDAQ:RDVT) last posted its earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. As a group, sell-side analysts forecast that Red Violet will post 1.18 earnings per share for the current year.

Insider Activity

In other news, Director William Livek bought 2,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were acquired at an average cost of $71.49 per share, with a total value of $142,980.00. Following the purchase, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. The trade was a 9.65% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 8.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Red Violet

A number of large investors have recently bought and sold shares of RDVT. BlackRock Inc. acquired a new stake in Red Violet in the second quarter valued at approximately $60,582,000. Wasatch Advisors LP lifted its position in shares of Red Violet by 13.8% during the 1st quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock valued at $31,543,000 after buying an additional 110,421 shares in the last quarter. Ashford Capital Management Inc. lifted its position in shares of Red Violet by 13.9% during the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock valued at $23,764,000 after buying an additional 83,998 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Red Violet by 18.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock valued at $7,151,000 after acquiring an additional 32,189 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Red Violet by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock valued at $5,703,000 after acquiring an additional 23,816 shares during the period. 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 provides data analytics and identity intelligence solutions. Its cloud-based platforms help organizations search, analyze and connect information from public and proprietary data sources to support investigations, risk management, fraud prevention and other decision-making processes.

The company’s products include idiCORE, an investigative and information platform designed for applications such as identity verification, collections, fraud detection and due diligence.