Red Violet (NASDAQ:RDVT) Lowered to Buy Rating by Wall Street Zen

Key Points

• Red Violet's stock was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen.
• Lake Street Capital initiated coverage with a "buy" rating and set a price target of $60.00 for Red Violet shares.
• 63.56% of Red Violet's stock is owned by institutional investors, with significant recent increases in positions by firms like JPMorgan Chase & Co..

Wall Street Zen lowered shares of Red Violet (NASDAQ:RDVT - Free Report) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Separately, Lake Street Capital started coverage on shares of Red Violet in a research report on Monday, August 4th. They issued a "buy" rating and a $60.00 price objective on the stock.

Red Violet Stock Performance

RDVT stock traded up $1.19 during mid-day trading on Friday, hitting $43.88. The company had a trading volume of 18,072 shares, compared to its average volume of 103,038. The firm has a market cap of $613.28 million, a PE ratio of 73.07 and a beta of 1.82. Red Violet has a 12 month low of $25.37 and a 12 month high of $52.24. The stock's fifty day moving average price is $46.38 and its two-hundred day moving average price is $42.41.

Hedge Funds Weigh In On Red Violet

Several large investors have recently modified their holdings of RDVT. Fifth Third Bancorp purchased a new position in shares of Red Violet in the second quarter worth about $25,000. Nisa Investment Advisors LLC increased its stake in shares of Red Violet by 3,125.0% in the first 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 purchased a new position in Red Violet during the second quarter valued at approximately $121,000. AlphaQuest LLC purchased a new position in Red Violet during the first quarter valued at approximately $129,000. Finally, Legal & General Group Plc grew its stake in Red Violet by 143.5% during the second quarter. Legal & General Group Plc now owns 2,888 shares of the company's stock valued at $142,000 after acquiring an additional 1,702 shares in the last quarter. Hedge funds and other institutional investors own 63.56% of the company's stock.

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.