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 buy rating in a research note released on Saturday.

Several other research firms have also weighed in on RDVT. Weiss Ratings restated a “hold (c+)” rating on shares of Red Violet in a research report on Wednesday, August 5th. Lake Street Capital raised their price objective on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, B. Riley Financial upped their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $77.00.

Red Violet Price Performance

Shares of RDVT opened at $68.04 on Friday. The company has a 50-day simple moving average of $63.58 and a two-hundred day simple moving average of $50.20. The firm has a market capitalization of $1.09 billion, a PE ratio of 60.75 and a beta of 1.82. Red Violet has a one year low of $33.40 and a one year high of $74.20.

Red Violet (NASDAQ:RDVT) last posted its earnings results on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. Red Violet had a return on equity of 16.12% and a net margin of 16.54%.The firm had revenue of $26.72 million for the quarter, compared to the consensus estimate of $25.62 million. Analysts expect that Red Violet will post 1.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daniel Maclachlan sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the transaction, the chief financial officer owned 358,902 shares of the company’s stock, valued at $20,611,741.86. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.44, for a total value of $574,400.00. Following the transaction, the insider directly owned 155,889 shares of the company’s stock, valued at approximately $8,954,264.16. This trade represents a 6.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 46,000 shares of company stock worth $2,641,880. 8.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Red Violet

Several institutional investors and hedge funds have recently modified their holdings of RDVT. AQR Capital Management LLC purchased a new position in shares of Red Violet in the 1st quarter worth about $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Red Violet by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock valued at $248,000 after purchasing an additional 312 shares in the last quarter. Creative Planning bought a new stake in Red Violet during the 2nd quarter valued at about $338,000. JPMorgan Chase & Co. raised its holdings in Red Violet by 5.5% in the second quarter. JPMorgan Chase & Co. now owns 38,120 shares of the company’s stock worth $1,876,000 after buying an additional 1,990 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in Red Violet by 143.5% in the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock worth $142,000 after buying an additional 1,702 shares during the last quarter. 63.56% of the stock is currently owned by 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.