Red Violet (NASDAQ:RDVT) Upgraded to Buy at Wall Street Zen

Key Points

• Red Violet (NASDAQ:RDVT) has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, signaling positive expectations for the stock's performance.
• Lake Street Capital also initiated coverage of Red Violet with a "buy" rating, setting a target price of $60.00, contributing to a consensus rating of "Buy" among analysts.
• The stock has seen activity from institutional investors, with Vanguard Group Inc. and others increasing their positions, highlighting growing institutional interest in Red Violet.

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

Separately, Lake Street Capital started coverage on Red Violet in a research report on Monday, August 4th. They set a "buy" rating and a $60.00 target price on the stock. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $60.00.

Red Violet Stock Up 1.9%

Red Violet stock traded up $0.91 during trading on Friday, hitting $49.79. The stock had a trading volume of 61,524 shares, compared to its average volume of 91,767. Red Violet has a 1 year low of $25.37 and a 1 year high of $52.24. The stock's 50 day moving average is $46.40 and its two-hundred day moving average is $43.34. The stock has a market cap of $696.06 million, a price-to-earnings ratio of 82.98 and a beta of 1.72.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp bought a new position in shares of Red Violet in the second quarter worth $25,000. Nisa Investment Advisors LLC increased 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 acquiring an additional 1,000 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Red Violet by 160.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company's stock valued at $51,000 after acquiring an additional 636 shares during the last quarter. USA Financial Formulas bought a new position in Red Violet in the second quarter valued at $121,000. Finally, AlphaQuest LLC bought a new position in shares of Red Violet during the first quarter valued at about $129,000. 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.