Cubist Systematic Strategies LLC Lowers Stake in Red Violet, Inc. $RDVT

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Red Violet, Inc. by 54.8%, now owning 8,628 shares after selling 10,469 shares in the first quarter.
• Several institutional investors have been active in their holdings of Red Violet, with Pembroke Management increasing its stake by 740.2%, now owning 252,503 shares valued at around $9.5 million.
• Red Violet's stock has received a "buy" rating from Wall Street Zen, with an average target price set at $60.00, indicating a positive outlook from analysts.

Cubist Systematic Strategies LLC decreased its holdings in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) by 54.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,628 shares of the company's stock after selling 10,469 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.06% of Red Violet worth $324,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Pembroke Management LTD grew its position in shares of Red Violet by 740.2% in the first quarter. Pembroke Management LTD now owns 252,503 shares of the company's stock valued at $9,492,000 after purchasing an additional 222,451 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Red Violet by 2,428.0% in the first quarter. New York State Common Retirement Fund now owns 106,024 shares of the company's stock valued at $3,985,000 after purchasing an additional 101,830 shares in the last quarter. Invesco Ltd. grew its holdings in Red Violet by 930.3% in the 1st quarter. Invesco Ltd. now owns 70,259 shares of the company's stock valued at $2,641,000 after buying an additional 63,440 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Red Violet by 52.0% in the 1st quarter. Russell Investments Group Ltd. now owns 152,374 shares of the company's stock valued at $5,728,000 after buying an additional 52,130 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Red Violet in the 1st quarter valued at $1,885,000. Hedge funds and other institutional investors own 63.56% of the company's stock.

Red Violet Stock Performance

Shares of NASDAQ RDVT traded down $0.17 during mid-day trading on Wednesday, reaching $49.82. 104,673 shares of the company's stock were exchanged, compared to its average volume of 80,974. The firm has a market capitalization of $696.48 million, a price-to-earnings ratio of 83.03 and a beta of 1.72. Red Violet, Inc. has a 52-week low of $25.37 and a 52-week high of $54.19. The company's 50-day moving average is $46.41 and its 200-day moving average is $43.98.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wall Street Zen upgraded 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. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Red Violet has an average rating of "Buy" and an average 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.