Red Violet (NASDAQ:RDVT) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Red Violet from “hold” to “strong buy,” while the broader analyst consensus remains “buy” with an average price target of $83.50.
• Red Violet shares opened at $73.41, down 2.8%, with a market capitalization of approximately $1.18 billion; the stock has traded between $33.40 and $80.29 over the past year.
• The company exceeded quarterly expectations, reporting $0.50 in EPS versus a $0.33 estimate and revenue of $26.72 million versus a $25.62 million forecast. Institutional investors own 63.56% of the stock, while an insider recently purchased 2,000 shares.

Red Violet (NASDAQ:RDVT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Monday, Zacks reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen downgraded Red Violet from a "buy" rating to a "hold" rating in a report on Saturday. Raymond James Financial initiated coverage on shares of Red Violet in a research report on Thursday, September 17th. They set an "outperform" rating and a $90.00 target price for the company. Weiss Ratings lowered shares of Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, September 11th. B. Riley Financial lifted their price target on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Needham & Company LLC began coverage on Red Violet in a research report on Tuesday, September 1st. They set a "buy" rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $83.50.

Red Violet Stock Down 2.8%

NASDAQ RDVT opened at $73.41 on Monday. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 65.54 and a beta of 1.81. The stock has a fifty day simple moving average of $70.36 and a 200 day simple moving average of $55.88. Red Violet has a twelve month low of $33.40 and a twelve month high of $80.29.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. Research analysts expect that Red Violet will post 1.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William Livek acquired 2,000 shares of Red Violet stock in a transaction dated Thursday, August 27th. The shares were purchased at an average cost of $71.49 per share, for a total transaction of $142,980.00. Following the transaction, the director owned 22,733 shares of the company's stock, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 8.90% of the company's stock.

Institutional Investors Weigh In On Red Violet

A number of hedge funds have recently made changes to their positions in the business. Susquehanna International Group LLP lifted its stake in Red Violet by 273.5% in the second quarter. Susquehanna International Group LLP now owns 21,729 shares of the company's stock worth $1,385,000 after purchasing an additional 15,912 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Red Violet during the second quarter valued at about $1,180,000. Man Group plc purchased a new position in shares of Red Violet in the second quarter worth about $2,618,000. Hsbc Holdings PLC purchased a new position in shares of Red Violet in the second quarter worth about $763,000. Finally, PDT Partners LLC bought a new stake in shares of Red Violet in the 2nd quarter valued at about $3,039,000. 63.56% of the stock is currently 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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