Red Violet (NASDAQ:RDVT) Downgraded by Wall Street Zen to Hold

Key Points

• Red Violet (NASDAQ:RDVT) was downgraded to Hold by Wall Street Zen, and other analysts also recently cut their ratings, even though the overall consensus still sits at Moderate Buy.
• The company reported better-than-expected quarterly results, with EPS of $0.46 versus the $0.32 estimate and revenue of $25.83 million versus $24.63 million expected.
• Red Violet’s stock was up 1.2% to $49.70, and the company has a market value of about $701 million; hedge funds and other institutions own 63.56% of the shares.

Red Violet (NASDAQ:RDVT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other analysts also recently commented on the company. Zacks Research downgraded Red Violet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Weiss Ratings downgraded Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, February 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Red Violet Stock Up 1.2%

Red Violet stock opened at $49.70 on Friday. The company has a market capitalization of $701.27 million, a P/E ratio of 51.77 and a beta of 1.71. The stock's 50 day moving average is $39.59 and its 200 day moving average is $47.24. Red Violet has a twelve month low of $33.40 and a twelve month high of $64.14.

Red Violet (NASDAQ:RDVT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.14. Red Violet had a return on equity of 14.48% and a net margin of 14.99%.The company had revenue of $25.83 million for the quarter, compared to the consensus estimate of $24.63 million. As a group, equities analysts expect that Red Violet will post 1.03 EPS for the current year.

Hedge Funds Weigh In On Red Violet

A number of institutional investors and hedge funds have recently made changes to their positions in RDVT. Royal Bank of Canada grew its position in Red Violet by 247.4% during the fourth quarter. Royal Bank of Canada now owns 282,480 shares of the company's stock valued at $16,088,000 after buying an additional 201,169 shares during the period. Wasatch Advisors LP grew its position in Red Violet by 13.8% during the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock valued at $31,543,000 after buying an additional 110,421 shares during the period. AQR Capital Management LLC bought a new stake in Red Violet during the first quarter valued at approximately $3,826,000. Millennium Management LLC raised its holdings in Red Violet by 195.4% in the 3rd quarter. Millennium Management LLC now owns 99,273 shares of the company's stock worth $5,187,000 after purchasing an additional 65,666 shares during the period. Finally, Marshall Wace LLP raised its holdings in Red Violet by 60.9% in the 2nd quarter. Marshall Wace LLP now owns 152,738 shares of the company's stock worth $7,515,000 after purchasing an additional 57,809 shares during the period. Hedge funds and other institutional investors own 63.56% of the company's stock.

About Red Violet

Red Violet, Inc NASDAQ: RDVT is a provider of advanced data, analytics and technology solutions designed to help organizations mitigate financial crime, fraud and security risks. The company’s cloud-native platform consolidates and enriches data from proprietary, public and third-party sources, applying artificial intelligence and machine learning to deliver insights across the risk-management lifecycle. Red Violet’s suite of services includes behavior-based transaction monitoring, automated watchlist and negative-news screening, enhanced due diligence and real-time geospatial threat intelligence.

Leveraging proprietary algorithms, Red Violet offers products that enable compliance teams to streamline anti-money laundering processes, improve fraud detection and respond swiftly to emerging threats.

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