Bank of America Corp DE Purchases New Shares in Red Violet, Inc. $RDVT

Key Points

• Bank of America acquired 18,517 Red Violet shares valued at approximately $1.18 million, while institutional investors collectively own 63.56% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $83.50; individual targets include $81 from B. Riley and $90 from Needham.
• Red Violet exceeded quarterly expectations, reporting $0.50 in EPS versus the $0.33 consensus estimate and revenue of $26.72 million, above the $25.62 million forecast.

Bank of America Corp DE acquired a new position in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,517 shares of the company's stock, valued at approximately $1,180,000. Bank of America Corp DE owned 0.12% of Red Violet as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Red Violet during the 2nd quarter worth about $60,582,000. Wasatch Advisors LP boosted its position in shares of Red Violet by 13.8% during the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock worth $31,543,000 after buying an additional 110,421 shares during the period. Ashford Capital Management Inc. boosted its position in shares of Red Violet by 13.9% during the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock worth $23,764,000 after buying an additional 83,998 shares during the period. Dimensional Fund Advisors LP grew its holdings 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 worth $7,151,000 after buying an additional 32,189 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Red Violet by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company's stock worth $5,703,000 after buying an additional 23,816 shares in the last quarter. 63.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on RDVT. B. Riley Financial boosted their target price on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday. Zacks Research upgraded shares of Red Violet from a "hold" rating to a "strong-buy" rating in a report on Monday, September 21st. Needham & Company LLC assumed coverage on shares of Red Violet in a research report on Tuesday, September 1st. They issued a "buy" rating and a $90.00 price objective on the stock. Finally, Wall Street Zen cut shares of Red Violet from a "buy" rating to a "hold" rating in a report on Saturday, September 19th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $83.50.

Insider Activity

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

Red Violet Stock Performance

RDVT opened at $80.25 on Friday. Red Violet, Inc. has a 52-week low of $33.40 and a 52-week high of $81.80. The firm has a market capitalization of $1.29 billion, a PE ratio of 71.65 and a beta of 1.78. The business's 50-day simple moving average is $72.31 and its 200 day simple moving average is $57.64.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. On average, research analysts forecast that Red Violet, Inc. will post 1.18 earnings per share for the current year.

About Red Violet

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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