Red Violet (NASDAQ:RDVT) Stock Rating Upgraded by Zacks Research

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

A number of other equities research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday. Needham & Company LLC started coverage on shares of Red Violet in a research note on Tuesday, September 1st. They set a “buy” rating and a $90.00 price objective for the company. Raymond James Financial assumed coverage on shares of Red Violet in a report on Thursday, September 17th. They set an “outperform” rating and a $90.00 target price for the company. Weiss Ratings downgraded Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Finally, B. Riley Financial upped their price target on Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Red Violet has a consensus rating of “Buy” and an average target price of $83.50.

Red Violet Stock Performance

Shares of Red Violet stock opened at $73.41 on Monday. Red Violet has a 52-week low of $33.40 and a 52-week high of $80.29. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 65.54 and a beta of 1.81. The company’s 50 day moving average price is $70.36 and its 200-day moving average price is $55.88.

Red Violet (NASDAQ:RDVT) last issued its earnings results on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $25.62 million. As a group, equities research analysts forecast that Red Violet will post 1.18 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In related news, Director William Livek acquired 2,000 shares of the firm’s stock in a transaction 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 acquisition, the director owned 22,733 shares of the company’s stock, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Red Violet

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Red Violet in the second quarter worth about $60,582,000. Ashford Capital Management Inc. boosted its position in Red Violet by 3.8% during the 4th quarter. Ashford Capital Management Inc. now owns 602,818 shares of the company’s stock valued at $34,330,000 after acquiring an additional 22,110 shares in the last quarter. Wasatch Advisors LP boosted its position in 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 acquiring an additional 110,421 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Red Violet by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock worth $7,151,000 after acquiring an additional 32,189 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in shares of Red Violet by 46.4% during the 4th quarter. Kennedy Capital Management LLC now owns 123,688 shares of the company’s stock worth $7,044,000 after acquiring an additional 39,229 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.