Red Violet, Inc. $RDVT Shares Sold by Nantahala Capital Management LLC

Key Points

• Nantahala Capital Management LLC has reduced its holdings in Red Violet, Inc. (NASDAQ:RDVT) by 19.2%, now owning 341,378 shares valued at approximately $12.83 million.
• Other significant changes include Pembroke Management LTD, which increased its stake by 740.2%, acquiring 252,503 shares worth about $9.49 million.
• Analysts have upgraded Red Violet’s stock rating from "hold" to "buy," with an average target price set at $60.00 according to recent reports.

Nantahala Capital Management LLC lowered its position in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 341,378 shares of the company's stock after selling 81,088 shares during the period. Red Violet comprises approximately 0.5% of Nantahala Capital Management LLC's holdings, making the stock its 27th largest holding. Nantahala Capital Management LLC owned about 2.45% of Red Violet worth $12,832,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake 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. AlphaQuest LLC purchased a new position in Red Violet in the first quarter valued at about $129,000. Quantbot Technologies LP grew its stake in Red Violet by 66.4% in the first quarter. Quantbot Technologies LP now owns 4,046 shares of the company's stock valued at $152,000 after purchasing an additional 1,615 shares during the last quarter. GAMMA Investing LLC grew its stake in Red Violet by 206,650.0% in the first quarter. GAMMA Investing LLC now owns 4,135 shares of the company's stock valued at $155,000 after purchasing an additional 4,133 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in Red Violet in the first quarter valued at about $206,000. Hedge funds and other institutional investors own 63.56% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RDVT. Lake Street Capital began coverage on Red Violet in a research note on Monday, August 4th. They set a "buy" rating and a $60.00 price target on the stock. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Red Violet currently has an average rating of "Buy" and an average target price of $60.00.

Red Violet Price Performance

NASDAQ:RDVT traded up $0.91 during trading hours on Thursday, reaching $49.79. The company had a trading volume of 61,524 shares, compared to its average volume of 102,091. Red Violet, Inc. has a 1-year low of $25.37 and a 1-year high of $52.24. The firm has a market cap of $696.06 million, a PE ratio of 82.98 and a beta of 1.72. The business's 50 day moving average price is $46.36 and its 200-day moving average price is $43.29.

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.