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

Key Points

• Wall Street Zen downgraded Red Violet from “buy” to “hold.” Analyst sentiment overall remains positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $86.
• Red Violet beat quarterly expectations, reporting earnings of $0.47 per share versus the $0.41 estimate and revenue of $27.75 million versus $27.22 million expected.
• The stock opened at $70.10, down 2.8%; it has a market capitalization of about $1.13 billion and trades between a 52-week low of $33.40 and high of $83.15.

Red Violet (NASDAQ:RDVT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also commented on the company. Weiss Ratings upgraded Red Violet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, October 13th. Lake Street Capital increased their target price on shares of Red Violet from $62.00 to $73.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Zacks Research lowered shares of Red Violet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 20th. Needham & Company LLC upped their price objective on shares of Red Violet from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday. Finally, B. Riley Financial lifted their price target on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $86.00.

Red Violet Stock Down 2.8%

RDVT opened at $70.10 on Friday. The business has a fifty day simple moving average of $77.17 and a 200-day simple moving average of $57.73. Red Violet has a 52 week low of $33.40 and a 52 week high of $83.15. The firm has a market cap of $1.13 billion, a P/E ratio of 67.59 and a beta of 1.73.

Red Violet (NASDAQ:RDVT - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The firm had revenue of $27.75 million during the quarter, compared to analysts' expectations of $27.22 million. Sell-side analysts expect that Red Violet will post 1.18 earnings per share for the current year.

Insider Activity

In related news, Director William Livek acquired 2,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Red Violet

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Red Violet in the second quarter valued at $60,582,000. Ashford Capital Management Inc. grew its stake in shares of Red Violet by 13.9% in the 1st 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 in the last quarter. Russell Investments Group Ltd. increased its position in shares of Red Violet by 31.9% during the third quarter. Russell Investments Group Ltd. now owns 264,673 shares of the company's stock valued at $20,912,000 after purchasing an additional 63,966 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Red Violet by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company's stock valued at $7,151,000 after acquiring an additional 32,189 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in Red Violet by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company's stock valued at $5,703,000 after acquiring an additional 23,816 shares in the last quarter. Hedge funds and other institutional investors own 63.56% of the company's stock.

About Red Violet

Red Violet, Inc NASDAQ: RDVT is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company's products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.

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