Red Violet (NASDAQ:RDVT) Reaches New 12-Month High - What's Next?

Key Points

• Red Violet, Inc. shares hit a new 12-month high, trading at $54.72 after closing at $52.48, with a total volume of 42,123 shares.
• Wall Street analysts have given Red Violet a consensus rating of "Moderate Buy", with an average target price of $60.00 following several recent upgrades and ratings.
• Institutional investors own 63.56% of Red Violet's stock, with notable increases in holdings by several hedge funds in recent quarters.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $54.69 and last traded at $54.72, with a volume of 42123 shares traded. The stock had previously closed at $52.48.

Wall Street Analyst Weigh In

RDVT has been the topic of a number of research reports. Lake Street Capital started coverage on shares of Red Violet in a research report on Monday, August 4th. They set a "buy" rating and a $60.00 target price on the stock. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Red Violet in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Red Violet presently has a consensus rating of "Moderate Buy" and an average target price of $60.00.

Red Violet Stock Up 3.6%

The business has a fifty day simple moving average of $50.09 and a 200 day simple moving average of $46.41. The company has a market cap of $759.74 million, a price-to-earnings ratio of 90.86 and a beta of 1.70.

Hedge Funds Weigh In On Red Violet

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Red Violet by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company's stock worth $248,000 after acquiring an additional 312 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Red Violet by 0.8% in the 2nd quarter. Prudential Financial Inc. now owns 39,407 shares of the company's stock valued at $1,939,000 after purchasing an additional 332 shares in the last quarter. Rhumbline Advisers raised its position in shares of Red Violet by 2.5% in the 1st quarter. Rhumbline Advisers now owns 16,304 shares of the company's stock valued at $613,000 after purchasing an additional 393 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Red Violet in the 2nd quarter valued at approximately $25,000. Finally, Osaic Holdings Inc. increased its holdings in shares of Red Violet by 12.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,486 shares of the company's stock valued at $221,000 after acquiring an additional 500 shares during the last quarter. 63.56% of the stock is owned by institutional investors and hedge funds.

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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