PDT Partners LLC Raises Holdings in Red Violet, Inc. $RDVT

Key Points

• PDT Partners LLC increased its stake in Red Violet, Inc. by 42.7%, owning 21,558 shares worth $810,000 after buying an additional 6,449 shares in the first quarter.
• Multiple institutional investors have also increased their holdings, with Pembroke Management LTD raising its position by a staggering 740.2% during the same period.
• Wall Street analysts have upgraded Red Violet's stock to a "buy" rating, with a consensus price target set at $60.00.

PDT Partners LLC lifted its stake in Red Violet, Inc. (NASDAQ:RDVT - Free Report) by 42.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,558 shares of the company's stock after acquiring an additional 6,449 shares during the period. PDT Partners LLC owned 0.15% of Red Violet worth $810,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Magnetar Financial LLC bought a new position in shares of Red Violet in the 1st quarter worth $206,000. Pembroke Management LTD raised its position in shares of Red Violet by 740.2% in the 1st quarter. Pembroke Management LTD now owns 252,503 shares of the company's stock worth $9,492,000 after acquiring an additional 222,451 shares in the last quarter. State of Wyoming bought a new position in shares of Red Violet in the 1st quarter worth $238,000. AlphaQuest LLC bought a new position in shares of Red Violet in the 1st quarter worth $129,000. Finally, Martingale Asset Management L P raised its position in shares of Red Violet by 95.6% in the 1st quarter. Martingale Asset Management L P now owns 17,232 shares of the company's stock worth $648,000 after acquiring an additional 8,420 shares in the last quarter. 63.56% of the stock is owned by institutional investors.

Red Violet Price Performance

Red Violet stock traded down $0.70 during trading hours on Tuesday, hitting $50.44. 25,810 shares of the stock traded hands, compared to its average volume of 102,384. The firm's 50 day moving average price is $46.43 and its 200-day moving average price is $43.54. The stock has a market capitalization of $705.08 million, a price-to-earnings ratio of 83.58 and a beta of 1.72. Red Violet, Inc. has a 1 year low of $25.37 and a 1 year high of $54.19.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. 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 assumed coverage on Red Violet in a research note on Monday, August 4th. They set a "buy" rating and a $60.00 target price on the stock. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $60.00.

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.