Red Violet (NASDAQ:RDVT) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Red Violet from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $83.50.
• Red Violet shares opened at $75.94, near their 52-week high of $80.29. The company recently exceeded quarterly expectations, reporting $0.50 in earnings per share and $26.72 million in revenue.
• Director William Livek purchased 2,000 shares, while institutional investors own 63.56% of the company’s stock.

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

A number of other equities research analysts have also weighed in on the company. Needham & Company LLC assumed coverage on Red Violet in a research report on Tuesday, September 1st. They set a "buy" rating and a $90.00 target price for the company. Raymond James Financial began coverage on Red Violet in a research note on Thursday. They set an "outperform" rating and a $90.00 price target on the stock. Lake Street Capital lifted their price objective on Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Weiss Ratings downgraded Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, September 11th. Finally, B. Riley Financial upped their price objective on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $83.50.

Red Violet Price Performance

Shares of RDVT stock opened at $75.94 on Friday. The company has a market capitalization of $1.22 billion, a P/E ratio of 67.80 and a beta of 1.81. The company's 50-day simple moving average is $70.12 and its two-hundred day simple moving average is $55.38. Red Violet has a one year low of $33.40 and a one year high of $80.29.

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 for the quarter, beating the consensus estimate of $0.33 by $0.17. The firm had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. On average, research analysts expect that Red Violet will post 1.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director William Livek bought 2,000 shares of the company's stock in a transaction on Thursday, August 27th. The shares were 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Red Violet by 569.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,547 shares of the company's stock worth $88,000 after purchasing an additional 1,316 shares in the last quarter. Legal & General Group Plc bought a new position in Red Violet in the second quarter worth about $175,000. The Manufacturers Life Insurance Company bought a new position in Red Violet in the second quarter worth about $200,000. Finally, State of Wyoming lifted its position in shares of Red Violet by 5.4% during the fourth quarter. State of Wyoming now owns 5,430 shares of the company's stock valued at $309,000 after buying an additional 279 shares during the last quarter. 63.56% of the stock is owned by 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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