Red Violet (NASDAQ:RDVT) Reaches New 52-Week High - Should You Buy?

Key Points

• Red Violet, Inc. (NASDAQ:RDVT) recently hit a new 52-week high of $53.80, closing at $53.87 with a trading volume of 47,445 shares.
• Wall Street analysts show a favorable outlook, with a "buy" rating from Wall Street Zen and a price target of $60.00 from Lake Street Capital.
• Institutional investors own 63.56% of Red Violet's stock, with significant recent stake increases from various hedge funds.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $53.80 and last traded at $53.87, with a volume of 47445 shares traded. The stock had previously closed at $50.68.

Wall Street Analysts Forecast Growth

RDVT has been the subject of a number of recent research reports. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Lake Street Capital started coverage on Red Violet in a research note on Monday, August 4th. They set a "buy" rating and a $60.00 price target on the stock. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Red Violet currently has a consensus rating of "Buy" and an average price target of $60.00.

Red Violet Stock Up 4.6%

The firm has a fifty day simple moving average of $46.39 and a 200-day simple moving average of $43.45. The company has a market capitalization of $740.94 million, a P/E ratio of 87.94 and a beta of 1.72.

Institutional Trading of Red Violet

A number of hedge funds have recently made changes to their positions in RDVT. Ophir Asset Management Pty Ltd acquired a new stake in shares of Red Violet in the second quarter valued at approximately $11,892,000. Pembroke Management LTD raised its position in shares of Red Violet by 740.2% in the 1st quarter. Pembroke Management LTD now owns 252,503 shares of the company's stock valued at $9,492,000 after buying an additional 222,451 shares in the last quarter. Brown Capital Management LLC lifted its holdings in shares of Red Violet by 31.3% during the 2nd quarter. Brown Capital Management LLC now owns 469,340 shares of the company's stock worth $23,092,000 after acquiring an additional 111,908 shares during the period. New York State Common Retirement Fund boosted its position in shares of Red Violet by 2,428.0% during the 1st quarter. New York State Common Retirement Fund now owns 106,024 shares of the company's stock worth $3,985,000 after acquiring an additional 101,830 shares in the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Red Violet during the 1st quarter worth approximately $3,826,000. 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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