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

Key Points

• Red Violet (NASDAQ:RDVT) was downgraded by Wall Street Zen from “buy” to “hold”, adding to a mixed analyst picture that now includes two Buy ratings and two Hold ratings. MarketBeat says the stock still carries a Moderate Buy consensus and a $62.00 price target.
• The company’s stock was up 2.2% and opened at $60.86, near its 50-day moving average of $58.63 and above its 200-day average of $48.27. RDVT has traded between $33.40 and $69.65 over the past 52 weeks.
• Red Violet recently posted better-than-expected quarterly earnings, with EPS of $0.46 versus estimates of $0.32 and revenue of $25.83 million versus $24.63 million expected. The article also notes recent insider selling and that institutional investors hold about 63.56% of the shares.

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

RDVT has been the subject of several other research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Red Violet in a research note on Friday, May 8th. Zacks Research lowered shares of Red Violet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Red Violet presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Red Violet Trading Up 2.2%

NASDAQ RDVT opened at $60.86 on Friday. The company has a 50-day moving average price of $58.63 and a two-hundred day moving average price of $48.27. Red Violet has a 52 week low of $33.40 and a 52 week high of $69.65. The stock has a market cap of $858.73 million, a price-to-earnings ratio of 63.40 and a beta of 1.83.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.14. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.The business had revenue of $25.83 million during the quarter, compared to the consensus estimate of $24.63 million. As a group, equities research analysts expect that Red Violet will post 1.06 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In other news, insider Jeffrey Alan Dell sold 10,000 shares of Red Violet stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.44, for a total transaction of $574,400.00. Following the transaction, the insider directly owned 155,889 shares in the company, valued at approximately $8,954,264.16. This trade represents a 6.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President James Patrick Reilly sold 12,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the sale, the president owned 232,351 shares of the company's stock, valued at approximately $13,343,917.93. This trade represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 46,000 shares of company stock valued at $2,641,880 in the last quarter. Company insiders own 8.90% of the company's stock.

Institutional Investors Weigh In On Red Violet

Several hedge funds and other institutional investors have recently bought and sold shares of RDVT. EverSource Wealth Advisors LLC boosted its position in shares of Red Violet by 414.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Red Violet by 145.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company's stock worth $32,000 after purchasing an additional 336 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Red Violet by 160.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company's stock worth $51,000 after purchasing an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Red Violet in the 4th quarter worth approximately $103,000. Finally, State of Alaska Department of Revenue lifted its stake in Red Violet by 203.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,933 shares of the company's stock valued at $109,000 after purchasing an additional 1,297 shares during the last quarter. 63.56% of the stock is currently owned by institutional investors.

Red Violet Company Profile

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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