Red Violet (NASDAQ:RDVT) Raised to "Moderate Buy" at Raymond James Financial

Key Points

• Raymond James upgraded Red Violet to “Moderate Buy,” contributing to an overall consensus rating of Moderate Buy from six analysts and a consensus price target of $83.50.
• Red Violet reported quarterly EPS of $0.50, beating estimates of $0.33, while revenue of $26.72 million exceeded expectations of $25.62 million.
• The stock opened at $75.94, near its 52-week high of $80.29, and institutional investors own 63.56% of shares; a company director also recently purchased 2,000 shares.

Red Violet (NASDAQ:RDVT - Get Free Report) was upgraded by equities researchers at Raymond James Financial to a "moderate buy" rating in a report released on Thursday, Zacks reports.

Several other equities analysts have also issued reports on RDVT. Wall Street Zen lowered shares of Red Violet from a "buy" rating to a "hold" rating in a report on Saturday. B. Riley Financial lifted their price objective on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings downgraded Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, September 11th. Lake Street Capital raised 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. Finally, Needham & Company LLC assumed coverage on shares of Red Violet in a report on Tuesday, September 1st. They issued a "buy" rating and a $90.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Red Violet has an average rating of "Moderate Buy" and a consensus price target of $83.50.

Red Violet Price Performance

NASDAQ:RDVT opened at $75.94 on Thursday. The firm's 50-day moving average price is $70.12 and its 200-day moving average price is $55.38. The company has a market capitalization of $1.22 billion, a PE ratio of 67.80 and a beta of 1.81. Red Violet has a 1-year low of $33.40 and a 1-year high of $80.29.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued 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. 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 during the quarter, compared to analysts' expectations of $25.62 million. Equities analysts anticipate that Red Violet will post 1.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William Livek bought 2,000 shares of the business's stock in a transaction on Thursday, August 27th. The stock was acquired at an average price of $71.49 per share, with a total value of $142,980.00. Following 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 filing with the SEC, which is accessible through this link. Company insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Red Violet

A number of institutional investors and hedge funds have recently modified their holdings of RDVT. BlackRock Inc. bought a new stake in shares of Red Violet during the 2nd quarter valued at about $60,582,000. Wasatch Advisors LP boosted its holdings in shares of Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock worth $31,543,000 after buying an additional 110,421 shares during the last quarter. Renaissance Technologies LLC grew its position in Red Violet by 581.8% during the first quarter. Renaissance Technologies LLC now owns 113,450 shares of the company's stock valued at $3,925,000 after buying an additional 96,810 shares during the period. Ashford Capital Management Inc. grew its position in Red Violet by 13.9% during the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock valued at $23,764,000 after buying an additional 83,998 shares during the period. Finally, Globeflex Capital L P purchased a new stake in Red Violet during the second quarter valued at approximately $5,280,000. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

Red Violet Company Profile

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.

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