Red Violet (NASDAQ:RDVT) Cut to Hold at Wall Street Zen

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

A number of other research analysts have also recently commented on RDVT. Weiss Ratings restated a “hold (c)” rating on shares of Red Violet in a research note on Wednesday, October 8th. B. Riley raised their target price on Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Friday. Finally, Lake Street Capital began coverage on Red Violet in a research note on Monday, August 4th. They issued a “buy” rating and a $60.00 target price for the company. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Red Violet Stock Performance

Shares of RDVT stock opened at $54.01 on Friday. The firm has a market cap of $755.06 million, a P/E ratio of 90.02 and a beta of 1.76. Red Violet has a fifty-two week low of $29.35 and a fifty-two week high of $55.45. The business’s 50 day moving average price is $51.39 and its 200-day moving average price is $47.55.

Hedge Funds Weigh In On Red Violet

A number of hedge funds have recently made changes to their positions in RDVT. Fifth Third Bancorp bought a new position in shares of Red Violet in the second quarter worth about $25,000. State of Alaska Department of Revenue bought a new position in shares of Red Violet during the third quarter valued at approximately $33,000. Nisa Investment Advisors LLC grew its stake in shares of Red Violet by 3,125.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,032 shares of the company’s stock valued at $39,000 after buying an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Red Violet by 160.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock valued at $51,000 after buying an additional 636 shares during the last quarter. Finally, USA Financial Formulas bought a new position in shares of Red Violet during the second quarter valued at approximately $121,000. Institutional investors own 63.56% of the company’s stock.

Red Violet Company Profile

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.