Cove Street Capital LLC Trims Holdings in Red Violet, Inc. $RDVT

Key Points

• Cove Street Capital LLC has reduced its stake in Red Violet, Inc. by 52.1%, now holding 8,303 shares valued at approximately $312,000.
• Multiple institutional investors have significantly increased their holdings in Red Violet, notably Nisa Investment Advisors LLC which raised its stake by 3,125% in the first quarter.
• Equities analysts generally have a positive outlook on Red Violet, with a consensus buy rating and a target price of $60.00.

Cove Street Capital LLC decreased its position in Red Violet, Inc. (NASDAQ:RDVT - Free Report) by 52.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,303 shares of the company's stock after selling 9,037 shares during the period. Cove Street Capital LLC owned approximately 0.06% of Red Violet worth $312,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Red Violet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 615,948 shares of the company's stock worth $23,153,000 after purchasing an additional 7,396 shares in the last quarter. Pembroke Management LTD grew its stake in shares of Red Violet by 740.2% during the 1st quarter. Pembroke Management LTD now owns 252,503 shares of the company's stock valued at $9,492,000 after acquiring an additional 222,451 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Red Violet by 52.0% during the 1st quarter. Russell Investments Group Ltd. now owns 152,374 shares of the company's stock valued at $5,728,000 after acquiring an additional 52,130 shares during the period. Dimensional Fund Advisors LP boosted its stake in Red Violet by 9.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 107,211 shares of the company's stock worth $3,882,000 after purchasing an additional 9,404 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Red Violet by 2,428.0% in the 1st quarter. New York State Common Retirement Fund now owns 106,024 shares of the company's stock worth $3,985,000 after purchasing an additional 101,830 shares during the period. Institutional investors own 63.56% of the company's stock.

Wall Street Analysts Forecast Growth

RDVT has been the subject of several recent analyst reports. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Lake Street Capital initiated coverage on Red Violet in a research note on Monday, August 4th. They issued a "buy" rating and a $60.00 price target for the company. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $60.00.

Red Violet Trading Down 0.4%

NASDAQ:RDVT traded down $0.19 during midday trading on Tuesday, hitting $50.95. 34,611 shares of the company traded hands, compared to its average volume of 102,434. The firm's fifty day moving average is $46.43 and its 200-day moving average is $43.54. Red Violet, Inc. has a 12-month low of $25.37 and a 12-month high of $54.19. The firm has a market capitalization of $712.21 million, a P/E ratio of 84.90 and a beta of 1.72.

Red Violet Profile

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.