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

Wall Street Zen lowered shares of Red Violet (NASDAQ:RDVT) from a buy rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.

A number of other research analysts have also commented on RDVT. 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. Weiss Ratings cut shares of Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Needham & Company LLC assumed coverage on shares of Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price objective on the stock. Raymond James Financial initiated coverage on shares of Red Violet in a report on Thursday. They issued an “outperform” rating and a $90.00 price objective for the company. Finally, Lake Street Capital raised their target price on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Red Violet presently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Red Violet Stock Down 0.6%

Shares of RDVT opened at $75.50 on Friday. The stock has a market capitalization of $1.21 billion, a P/E ratio of 67.41 and a beta of 1.81. Red Violet has a twelve month low of $33.40 and a twelve month high of $80.29. The firm has a fifty day simple moving average of $70.26 and a two-hundred day simple moving average of $55.68.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings data 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. The firm had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. Sell-side analysts expect that Red Violet will post 1.16 EPS for the current fiscal year.

Insider Activity at Red Violet

In other news, Director William Livek purchased 2,000 shares of Red Violet stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the purchase, the director directly owned 22,733 shares in the company, valued at approximately $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Susquehanna International Group LLP grew its holdings in Red Violet by 273.5% in the second quarter. Susquehanna International Group LLP now owns 21,729 shares of the company’s stock worth $1,385,000 after purchasing an additional 15,912 shares during the period. Bank of America Corp DE bought a new position in shares of Red Violet during the second quarter valued at approximately $1,180,000. Man Group plc purchased a new position in shares of Red Violet during the second quarter valued at approximately $2,618,000. Hsbc Holdings PLC purchased a new position in shares of Red Violet during the second quarter valued at approximately $763,000. Finally, PDT Partners LLC bought a new stake in shares of Red Violet in the 2nd quarter worth approximately $3,039,000. 63.56% of the stock is owned by hedge funds and other institutional investors.

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.