Red Violet (NASDAQ:RDVT) Shares Down 5.1% - Here's What Happened

Key Points

• Shares of Red Violet, Inc. (NASDAQ:RDVT) fell by 5.1%, trading at $50.21, with a significant drop in trading volume.
• Analysts have mostly rated Red Violet as a "Buy", with a consensus target price of $60.00, following recent upgrades from several firms.
• Institutional ownership is high, with 63.56% of shares held by institutional investors, including significant stakes acquired by various hedge funds recently.

Shares of Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) fell 5.1% during trading on Thursday . The stock traded as low as $50.70 and last traded at $50.21. 56,477 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 102,633 shares. The stock had previously closed at $52.90.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Red Violet from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Lake Street Capital started coverage on shares of Red Violet in a research note on Monday, August 4th. They set a "buy" rating and a $60.00 target price for the company. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $60.00.

Red Violet Trading Down 4.3%

The company has a market cap of $708.03 million, a P/E ratio of 84.41 and a beta of 1.70. The firm's 50 day moving average price is $47.60 and its 200-day moving average price is $45.00.

Hedge Funds Weigh In On Red Violet

Several hedge funds and other institutional investors have recently made changes to their positions in RDVT. Fifth Third Bancorp acquired a new stake in shares of Red Violet during the second quarter worth $25,000. Nisa Investment Advisors LLC increased its stake in shares of 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 buying an additional 1,000 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of 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 buying an additional 636 shares during the period. USA Financial Formulas bought a new stake in Red Violet in the second quarter valued at approximately $121,000. Finally, Legal & General Group Plc boosted its holdings in Red Violet by 143.5% in the second quarter. Legal & General Group Plc now owns 2,888 shares of the company's stock valued at $142,000 after acquiring an additional 1,702 shares during the last quarter. 63.56% of the stock is owned by institutional investors.

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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