Needham & Company LLC Upgrades Red Violet (NASDAQ:RDVT) to Moderate Buy

Key Points

• Needham & Company upgraded Red Violet to “Moderate Buy.” The analyst consensus is also “Moderate Buy,” with four Buy ratings, one Hold rating, and an average price target of $81.33.
• Red Violet shares opened at $75.56, near their 52-week high of $76.18, after rising 3.3%. The company’s latest quarterly results exceeded expectations, with EPS of $0.50 versus the $0.33 estimate and revenue of $26.72 million.
• Insider and institutional activity was positive: Director William Paul Livek bought 2,000 shares worth approximately $143,000, while institutional investors and hedge funds own 63.56% of the company.

Red Violet (NASDAQ:RDVT - Get Free Report) was upgraded by equities researchers at Needham & Company LLC to a "moderate buy" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Other research analysts have also recently issued reports about the company. B. Riley Financial upped their price objective on Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Zacks Research downgraded Red Violet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Lake Street Capital increased 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. Finally, Weiss Ratings upgraded shares of Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Red Violet has a consensus rating of "Moderate Buy" and a consensus target price of $81.33.

Red Violet Stock Up 3.3%

Shares of RDVT opened at $75.56 on Tuesday. Red Violet has a fifty-two week low of $33.40 and a fifty-two week high of $76.18. The firm's 50 day moving average price is $67.15 and its 200 day moving average price is $52.41. The company has a market cap of $1.21 billion, a P/E ratio of 67.46 and a beta of 1.82.

Red Violet (NASDAQ:RDVT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. Research analysts forecast that Red Violet will post 1.16 earnings per share for the current year.

Insider Buying and Selling at Red Violet

In other news, Director William Paul Livek acquired 2,000 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the acquisition, the director owned 22,733 shares of the company's stock, valued at $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.90% of the company's stock.

Institutional Trading of Red Violet

Large investors have recently bought and sold shares of the business. State of Wyoming increased its stake in Red Violet by 5.4% in the fourth quarter. State of Wyoming now owns 5,430 shares of the company's stock valued at $309,000 after purchasing an additional 279 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Red Violet by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company's stock worth $248,000 after buying an additional 312 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Red Violet by 145.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company's stock valued at $32,000 after acquiring an additional 336 shares during the period. EverSource Wealth Advisors LLC raised its stake in Red Violet by 414.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock valued at $27,000 after acquiring an additional 377 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in Red Violet by 4.9% during the 4th quarter. Deutsche Bank AG now owns 9,116 shares of the company's stock valued at $519,000 after acquiring an additional 426 shares during the last quarter. Institutional investors and hedge funds own 63.56% of the company's stock.

Red Violet Company Profile

Red Violet, Inc NASDAQ: RDVT is a provider of advanced data, analytics and technology solutions designed to help organizations mitigate financial crime, fraud and security risks. The company’s cloud-native platform consolidates and enriches data from proprietary, public and third-party sources, applying artificial intelligence and machine learning to deliver insights across the risk-management lifecycle. Red Violet’s suite of services includes behavior-based transaction monitoring, automated watchlist and negative-news screening, enhanced due diligence and real-time geospatial threat intelligence.

Leveraging proprietary algorithms, Red Violet offers products that enable compliance teams to streamline anti-money laundering processes, improve fraud detection and respond swiftly to emerging threats.

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