Magnetar Financial LLC Invests $206,000 in Red Violet, Inc. $RDVT

Key Points

• Magnetar Financial LLC has purchased 5,490 shares of Red Violet, Inc. at approximately $206,000, marking a substantial investment in the company's stock.
• Several hedge funds have significantly increased their holdings in Red Violet, with Pembroke Management LTD raising its position by 740.2% in the first quarter, equating to 252,503 shares valued at $9,492,000.
• Research firms have upgraded Red Violet to a "buy" rating, with a consensus target price of $60.00 per share, indicating positive analyst sentiment towards the company.

Magnetar Financial LLC acquired a new stake in Red Violet, Inc. (NASDAQ:RDVT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,490 shares of the company's stock, valued at approximately $206,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Red Violet by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,274 shares of the company's stock valued at $227,000 after purchasing an additional 259 shares during the last quarter. Rhumbline Advisers increased its holdings in Red Violet by 2.5% in the first quarter. Rhumbline Advisers now owns 16,304 shares of the company's stock valued at $613,000 after purchasing an additional 393 shares during the last quarter. Bard Associates Inc. increased its holdings in Red Violet by 6.7% in the first quarter. Bard Associates Inc. now owns 8,822 shares of the company's stock valued at $332,000 after purchasing an additional 554 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Red Violet by 3,125.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,032 shares of the company's stock valued at $39,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Quantbot Technologies LP increased its holdings in shares of Red Violet by 66.4% in the first quarter. Quantbot Technologies LP now owns 4,046 shares of the company's stock worth $152,000 after acquiring an additional 1,615 shares in the last quarter. Institutional investors own 63.56% of the company's stock.

Red Violet Trading Up 1.8%

Shares of RDVT stock traded up $0.89 on Friday, hitting $50.68. 63,729 shares of the stock were exchanged, compared to its average volume of 87,109. The firm has a market capitalization of $708.41 million, a P/E ratio of 84.47 and a beta of 1.72. The business has a 50-day moving average of $46.39 and a 200 day moving average of $43.41. Red Violet, Inc. has a fifty-two week low of $25.37 and a fifty-two week high of $52.24.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Lake Street Capital assumed coverage on Red Violet in a report on Monday, August 4th. They issued a "buy" rating and a $60.00 price target for the company. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $60.00.

Red Violet Company 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.