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

Key Points

• Wall Street Zen upgraded Red Violet from “hold” to “buy,” adding to an analyst consensus of “Buy” with a $83.50 price target. Other firms have issued buy, strong-buy, or outperform ratings, with targets ranging from $73 to $90.
• Red Violet reported quarterly EPS of $0.50, exceeding the $0.33 consensus estimate, while revenue reached $26.72 million versus expectations of $25.62 million.
• The stock opened at $79.78 and is near its 52-week high of $81.79; institutional investors own 63.56% of the company, and a director recently increased his holdings by purchasing 2,000 shares.

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

Several other equities analysts have also weighed in on RDVT. Zacks Research raised Red Violet from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 21st. Needham & Company LLC assumed coverage on shares of Red Violet in a research note on Tuesday, September 1st. They set a "buy" rating and a $90.00 price objective for the company. Lake Street Capital increased their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Raymond James Financial initiated coverage on shares of Red Violet in a report on Thursday, September 17th. They set an "outperform" rating and a $90.00 target price on the stock. Finally, B. Riley Financial upped their price target on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $83.50.

Red Violet Price Performance

Red Violet stock opened at $79.78 on Friday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 71.23 and a beta of 1.79. The firm has a 50-day moving average of $73.89 and a two-hundred day moving average of $59.19. Red Violet has a 1 year low of $33.40 and a 1 year high of $81.79.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.17. The firm had revenue of $26.72 million for 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%. Research analysts expect that Red Violet will post 1.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director William Livek purchased 2,000 shares of the company's stock in a transaction on Thursday, August 27th. The stock was acquired at an average cost 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 $1,625,182.17. This trade represents a 9.65% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Susquehanna International Group LLP lifted its position in Red Violet by 273.5% in the second 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 during the period. Bank of America Corp DE acquired a new position in Red Violet in the second quarter valued at $1,180,000. Man Group plc purchased a new position in shares of Red Violet during the 2nd quarter worth about $2,618,000. Hsbc Holdings PLC acquired a new stake in shares of Red Violet in the second quarter worth approximately $763,000. Finally, PDT Partners LLC purchased a new stake in Red Violet in the second quarter valued at approximately $3,039,000. 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 proprietary data analytics and information solutions for organizations in the public and private sectors. Its platforms are designed to help customers identify individuals and businesses, assess risk, detect potential fraud, and support investigative and compliance-related workflows.

The company's primary offerings include idiCORE, a cloud-based investigative and information platform, and FOREWARN, a mobile application that provides real estate professionals with identity verification and risk assessment tools.

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