Red Violet, Inc. (NASDAQ:RDVT) Stock Has Average Target Price of $83.50

Key Points

• Analyst sentiment is bullish: Six firms covering Red Violet rate it “Buy” or “Strong Buy,” with an average 12-month price target of $83.50; recent targets include $90 from Raymond James and Needham.
• Red Violet shares opened at $76.25, near their 52-week high of $81.79, while the stock trades at a price-to-earnings ratio of 68.08. The company recently beat quarterly estimates, reporting $0.50 in EPS versus expectations of $0.33 and revenue of $26.72 million.
• Institutional ownership is substantial: Hedge funds and other institutions own 63.56% of the stock, while insiders own 8.90%; director William Livek recently purchased 2,000 shares for approximately $143,000.

Shares of Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) have been assigned an average recommendation of "Buy" from the six ratings firms that are covering the company, MarketBeat reports. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $83.50.

RDVT has been the subject of a number of research reports. Raymond James Financial assumed coverage on shares of Red Violet in a research note on Thursday, September 17th. They issued an "outperform" rating and a $90.00 price objective for the company. Needham & Company LLC started coverage on shares of Red Violet in a research report on Tuesday, September 1st. They set a "buy" rating and a $90.00 target price on the stock. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Lake Street Capital boosted their price target on shares of Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Finally, Zacks Research raised shares of Red Violet from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 21st.

Insider Transactions at Red Violet

In other Red Violet news, Director William Livek acquired 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the acquisition, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.90% of the stock is currently owned by insiders.

Institutional Trading of Red Violet

A number of hedge funds have recently bought and sold shares of RDVT. Caitong International Asset Management Co. Ltd grew its stake 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 valued at $88,000 after purchasing an additional 1,316 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Red Violet by 22.6% during the first quarter. Hsbc Holdings PLC now owns 13,264 shares of the company's stock valued at $458,000 after buying an additional 2,441 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Red Violet by 10.3% during the first quarter. Principal Financial Group Inc. now owns 28,829 shares of the company's stock valued at $997,000 after buying an additional 2,685 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of Red Violet during the second quarter valued at about $175,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Red Violet in the 2nd quarter valued at about $200,000. Hedge funds and other institutional investors own 63.56% of the company's stock.

Red Violet Trading Up 2.4%

Shares of RDVT stock opened at $76.25 on Wednesday. Red Violet has a twelve month low of $33.40 and a twelve month high of $81.79. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 68.08 and a beta of 1.79. The stock has a fifty day simple moving average of $75.10 and a two-hundred day simple moving average of $61.34.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.33 by $0.17. The firm had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. Research analysts predict that Red Violet will post 1.18 EPS for the current fiscal year.

Red Violet Company Profile

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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