Zacks Research Upgrades Red Violet (NASDAQ:RDVT) to Strong-Buy

Red Violet (NASDAQ:RDVT) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

Several other research firms also recently commented on RDVT. Lake Street Capital upped their price target on shares of 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 cut shares of Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 11th. Wall Street Zen downgraded shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday. Raymond James Financial began coverage on shares of Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 target price on the stock. Finally, B. Riley Financial raised their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $83.50.

Red Violet Trading Down 2.8%

NASDAQ:RDVT opened at $73.41 on Monday. The stock has a 50 day simple moving average of $70.36 and a 200 day simple moving average of $55.88. The stock has a market cap of $1.18 billion, a P/E ratio of 65.54 and a beta of 1.81. Red Violet has a 1-year low of $33.40 and a 1-year high of $80.29.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, beating 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 analyst estimates of $25.62 million. As a group, sell-side analysts forecast that Red Violet will post 1.18 EPS for the current 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 stock was acquired at an average cost of $71.49 per share, for a total transaction of $142,980.00. Following the transaction, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership boosted its stake in shares of Red Violet by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock valued at $5,703,000 after purchasing an additional 23,816 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Red Violet by 182.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company’s stock valued at $2,015,000 after buying an additional 37,653 shares during the last quarter. Ashford Capital Management Inc. raised its holdings in Red Violet by 13.9% in 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 during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 buying an additional 32,189 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Red Violet by 581.8% during the 1st quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock worth $3,925,000 after buying an additional 96,810 shares during the period. Institutional investors own 63.56% of the company’s stock.

About Red Violet

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.