Man Group plc Makes New $2.62 Million Investment in Red Violet, Inc. $RDVT

Key Points

• Man Group plc acquired 41,087 Red Violet shares worth approximately $2.62 million during the second quarter, giving it a 0.26% stake. Institutional investors collectively own 63.56% of the company.
• Analyst sentiment is broadly positive: Red Violet has a consensus “Moderate Buy” rating and an average price target of $77, while recent targets range as high as $81.
• Red Violet exceeded quarterly expectations, reporting $0.50 EPS versus the $0.33 estimate and revenue of $26.72 million versus $25.62 million expected. The stock opened at $73.16, near its 52-week high of $74.82.

Man Group plc 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. The institutional investor purchased 41,087 shares of the company's stock, valued at approximately $2,618,000. Man Group plc owned approximately 0.26% of Red Violet at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC bought a new stake in shares of Red Violet in the first quarter valued at about $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Red Violet by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company's stock worth $248,000 after acquiring an additional 312 shares in the last quarter. Creative Planning bought a new position in Red Violet during the 2nd quarter worth about $338,000. JPMorgan Chase & Co. increased its position in Red Violet by 5.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 38,120 shares of the company's stock valued at $1,876,000 after purchasing an additional 1,990 shares during the period. Finally, Legal & General Group Plc increased its position in Red Violet by 143.5% during the 2nd quarter. Legal & General Group Plc now owns 2,888 shares of the company's stock valued at $142,000 after purchasing an additional 1,702 shares during the period. Hedge funds and other institutional investors own 63.56% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. 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 research report on Tuesday, August 11th. Wall Street Zen raised shares of Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. B. Riley Financial boosted their price objective on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 21st. Finally, Zacks Research cut Red Violet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $77.00.

Red Violet Stock Performance

RDVT stock opened at $73.16 on Tuesday. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 65.32 and a beta of 1.82. The firm has a 50-day simple moving average of $66.75 and a two-hundred day simple moving average of $52.17. Red Violet, Inc. has a one year low of $33.40 and a one year high of $74.82.

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

Insider Buying and Selling

In other news, Director William Paul Livek bought 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was bought at an average cost of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the purchase, the director directly owned 22,733 shares in the company, valued at approximately $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.90% of the stock is owned by insiders.

About Red Violet

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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