Lake Street Capital Initiates Coverage on Red Violet (NASDAQ:RDVT)

Key Points

• Lake Street Capital has initiated coverage on Red Violet (NASDAQ:RDVT), issuing a "buy" rating with a price target of $60.00, indicating a potential upside of 41.58% from its current price.
• The stock opened at $42.38 and has shown significant price fluctuations, with a one-year low of $21.83 and a high of $52.24.
• CEO Derek Dubner sold 10,000 shares at an average price of $46.21, reducing his ownership by 1.69%, while institutional investors and hedge funds collectively own 63.56% of the company's stock.

Research analysts at Lake Street Capital started coverage on shares of Red Violet (NASDAQ:RDVT - Get Free Report) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $60.00 price target on the stock. Lake Street Capital's target price points to a potential upside of 41.58% from the company's current price.

Red Violet Price Performance

NASDAQ:RDVT opened at $42.38 on Monday. The stock has a market cap of $591.62 million, a P/E ratio of 69.48 and a beta of 1.82. Red Violet has a one year low of $21.83 and a one year high of $52.24. The company has a fifty day moving average price of $47.22 and a 200 day moving average price of $42.09.

Insider Buying and Selling at Red Violet

In related news, CEO Derek Dubner sold 10,000 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $46.21, for a total transaction of $462,100.00. Following the completion of the transaction, the chief executive officer directly owned 580,379 shares in the company, valued at $26,819,313.59. This represents a 1.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey Alan Dell sold 5,000 shares of the company's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $46.20, for a total transaction of $231,000.00. Following the transaction, the insider owned 172,968 shares of the company's stock, valued at approximately $7,991,121.60. The trade was a 2.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Violet

A number of hedge funds have recently made changes to their positions in RDVT. Fifth Third Bancorp acquired a new position in shares of Red Violet in the 2nd quarter valued at $25,000. Nisa Investment Advisors LLC increased its position in shares of Red Violet by 3,125.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,032 shares of the company's stock worth $39,000 after purchasing an additional 1,000 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Red Violet during the 2nd quarter worth about $121,000. AlphaQuest LLC acquired a new stake in shares of Red Violet during the 1st quarter worth about $129,000. Finally, Quantbot Technologies LP increased its position in shares of Red Violet by 66.4% during the 1st quarter. Quantbot Technologies LP now owns 4,046 shares of the company's stock worth $152,000 after purchasing an additional 1,615 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company's stock.

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.

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