Bank of New York Mellon Corp Takes Position in Red Violet, Inc. $RDVT

Key Points

• Bank of New York Mellon purchased 36,458 Red Violet shares worth approximately $2.3 million, joining other institutions that increased their holdings. Institutional investors and hedge funds own 63.56% of RDVT.
• Analyst sentiment is favorable: four analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $81.33.
• Red Violet exceeded quarterly expectations, reporting $0.50 in earnings per share versus a $0.33 estimate and revenue of $26.72 million versus $25.62 million expected. The stock recently traded at $76.14, near its 52-week high of $77.36.

Bank of New York Mellon Corp purchased a new position in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,458 shares of the company's stock, valued at approximately $2,323,000. Bank of New York Mellon Corp owned approximately 0.26% of Red Violet at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDVT. Vanguard Group Inc. raised its position in shares of Red Violet by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 956,443 shares of the company's stock valued at $54,469,000 after buying an additional 23,736 shares in the last quarter. Wasatch Advisors LP grew its position in Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock valued at $31,543,000 after acquiring an additional 110,421 shares during the last quarter. Ashford Capital Management Inc. grew its position in Red Violet by 13.9% in the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock valued at $23,764,000 after acquiring an additional 83,998 shares during the last quarter. Ophir Asset Management Pty Ltd raised its stake in Red Violet by 0.7% during the fourth quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company's stock worth $36,368,000 after acquiring an additional 4,372 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Red Violet by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 337,481 shares of the company's stock worth $19,224,000 after acquiring an additional 16,657 shares during the last quarter. 63.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RDVT shares. B. Riley Financial raised their price target on shares of Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Lake Street Capital upped their price target on shares of Red Violet from $62.00 to $73.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Needham & Company LLC initiated coverage on Red Violet in a research note on Tuesday, September 1st. They issued a "buy" rating and a $90.00 price target for the company. Finally, Weiss Ratings raised Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 21st. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.33.

Insider Activity at Red Violet

In other news, Director William Livek acquired 2,000 shares of Red Violet stock in a transaction dated 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 purchase, the director owned 22,733 shares in the company, valued at $1,625,182.17. This trade represents a 9.65% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 8.90% of the company's stock.

Red Violet Price Performance

NASDAQ RDVT opened at $76.14 on Tuesday. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 67.98 and a beta of 1.81. Red Violet, Inc. has a twelve month low of $33.40 and a twelve month high of $77.36. The stock has a fifty day simple moving average of $68.46 and a 200 day simple moving average of $53.35.

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. Red Violet had a return on equity of 16.12% and a net margin of 16.54%.The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. Research analysts expect that Red Violet, Inc. will post 1.16 earnings per share for the current fiscal year.

Red Violet Profile

Red Violet, Inc NASDAQ: RDVT is a provider of advanced data, analytics and technology solutions designed to help organizations mitigate financial crime, fraud and security risks. The company’s cloud-native platform consolidates and enriches data from proprietary, public and third-party sources, applying artificial intelligence and machine learning to deliver insights across the risk-management lifecycle. Red Violet’s suite of services includes behavior-based transaction monitoring, automated watchlist and negative-news screening, enhanced due diligence and real-time geospatial threat intelligence.

Leveraging proprietary algorithms, Red Violet offers products that enable compliance teams to streamline anti-money laundering processes, improve fraud detection and respond swiftly to emerging threats.

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