Red Violet (NASDAQ:RDVT) Stock Price Up 3.6% – Still a Buy?

Red Violet, Inc. (NASDAQ:RDVT)’s share price rose 3.6% during trading on Wednesday . The company traded as high as $75.90 and last traded at $76.0890. 87,026 shares changed hands during trading, a decline of 49% from the average daily volume of 169,837 shares. The stock had previously closed at $73.41.

Analyst Ratings Changes

Several equities research analysts have issued reports on RDVT shares. Wall Street Zen cut shares of Red Violet from a “buy” rating to a “hold” rating in a research note on Saturday. Lake Street Capital boosted their price target on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Needham & Company LLC began coverage on Red Violet in a research note on Tuesday, September 1st. They set a “buy” rating and a $90.00 price target on the stock. Zacks Research raised Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, B. Riley Financial lifted their price target on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $83.50.

Red Violet Trading Up 3.1%

The stock’s 50 day moving average price is $70.36 and its 200 day moving average price is $55.88. The firm has a market cap of $1.21 billion, a PE ratio of 67.77 and a beta of 1.81.

Red Violet (NASDAQ:RDVT) last announced its quarterly 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 net margin of 16.54% and a return on equity of 16.12%. The firm had revenue of $26.72 million during the quarter, compared to analysts’ expectations of $25.62 million. Analysts forecast that Red Violet, Inc. will post 1.18 earnings per share for the current year.

Insider Transactions at Red Violet

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

Institutional Trading of Red Violet

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

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.