BlackRock Inc. Buys Shares of 950,761 Red Violet, Inc. $RDVT

Key Points

• BlackRock initiated a major Red Violet position in the second quarter, buying 950,761 shares valued at approximately $60.6 million, or 6.74% of the company. Institutional investors collectively own 63.56% of RDVT.
• Analyst sentiment is broadly positive: Red Violet has an average “Moderate Buy” rating and a $77 price target, while several firms recently raised their targets. A company director also purchased 2,000 shares worth $142,980.
• Red Violet reported quarterly EPS of $0.50, beating estimates of $0.33, and revenue of $26.72 million versus the $25.62 million consensus. Shares opened at $73.30, near the company’s 52-week high of $74.82.

BlackRock Inc. bought a new position in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 950,761 shares of the company's stock, valued at approximately $60,582,000. BlackRock Inc. owned about 6.74% of Red Violet at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Red Violet by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 956,443 shares of the company's stock worth $54,469,000 after buying an additional 23,736 shares in the last quarter. Wasatch Advisors LP lifted its holdings in shares of Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock worth $31,543,000 after acquiring an additional 110,421 shares during the last quarter. Ashford Capital Management Inc. grew its holdings in shares of Red Violet by 13.9% during the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock valued at $23,764,000 after purchasing an additional 83,998 shares during the last quarter. Ophir Asset Management Pty Ltd grew its holdings in shares of Red Violet by 0.7% during the 4th quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company's stock valued at $36,368,000 after purchasing an additional 4,372 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Red Violet by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 337,481 shares of the company's stock worth $19,224,000 after purchasing an additional 16,657 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company's stock.

Insider Buying and Selling

In related news, Director William Paul Livek purchased 2,000 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was purchased at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the purchase, the director owned 22,733 shares in the company, valued at approximately $1,625,182.17. This trade represents a 9.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a research report 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. B. Riley Financial raised their price objective on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Weiss Ratings raised Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 21st. Finally, Zacks Research downgraded Red Violet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.00.

Red Violet Stock Performance

Shares of RDVT opened at $73.30 on Monday. Red Violet, Inc. has a 52-week low of $33.40 and a 52-week high of $74.82. The business's 50 day moving average price is $66.37 and its two-hundred day moving average price is $51.95. The firm has a market cap of $1.18 billion, a PE ratio of 65.45 and a beta of 1.82.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. Research analysts predict that Red Violet, Inc. will post 1.16 EPS for the current fiscal year.

Red Violet Company 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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