Evernest Financial Advisors LLC Invests $344,000 in Red Violet, Inc. $RDVT

Key Points

• Evernest Financial Advisors LLC has invested $344,000 in Red Violet, Inc. by purchasing 7,000 shares during the second quarter, now holding approximately 0.05% of the company.
• Several hedge funds have also increased their stakes in Red Violet, with notable purchases including Fifth Third Bancorp and USA Financial Formulas, bringing institutional ownership to 63.56%.
• Analysts have upgraded Red Violet's stock rating to a Moderate Buy with a price target of $60.00, reflecting growing confidence in the company’s performance.

Evernest Financial Advisors LLC purchased a new position in Red Violet, Inc. (NASDAQ:RDVT - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,000 shares of the company's stock, valued at approximately $344,000. Evernest Financial Advisors LLC owned approximately 0.05% of Red Violet as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp purchased a new position in Red Violet in the 2nd quarter worth approximately $25,000. Nisa Investment Advisors LLC raised its holdings in Red Violet by 3,125.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,032 shares of the company's stock worth $39,000 after acquiring an additional 1,000 shares during the last quarter. USA Financial Formulas purchased a new position in Red Violet in the 2nd quarter worth approximately $121,000. AlphaQuest LLC purchased a new position in Red Violet in the 1st quarter worth approximately $129,000. Finally, Quantbot Technologies LP raised its holdings in Red Violet by 66.4% in the 1st quarter. Quantbot Technologies LP now owns 4,046 shares of the company's stock worth $152,000 after acquiring an additional 1,615 shares during the last quarter. 63.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RDVT. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Lake Street Capital began coverage on shares of Red Violet in a report on Monday, August 4th. They issued a "buy" rating and a $60.00 price objective for the company. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Red Violet in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Red Violet presently has an average rating of "Moderate Buy" and an average price target of $60.00.

Red Violet Trading Up 0.4%

Shares of RDVT opened at $52.99 on Thursday. The firm has a market cap of $740.69 million, a PE ratio of 88.32 and a beta of 1.70. The firm has a fifty day simple moving average of $49.11 and a two-hundred day simple moving average of $45.90. Red Violet, Inc. has a 1-year low of $28.14 and a 1-year high of $54.19.

About Red Violet

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.

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