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

Key Points

• Red Violet (NASDAQ:RDVT) has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, impacting investor sentiment.
• Despite the downgrade, Lake Street Capital has initiated coverage on Red Violet with a "buy" rating and a price target of $60.00.
• Institutional ownership of Red Violet is significant, with 63.56% of the stock held by institutional investors and hedge funds, indicating strong interest in the company.

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

Separately, Lake Street Capital assumed coverage on shares of Red Violet in a research note on Monday, August 4th. They issued a "buy" rating and a $60.00 price target for the company. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Red Violet presently has a consensus rating of "Buy" and an average price target of $60.00.

Red Violet Price Performance

Red Violet stock traded up $0.0250 during mid-day trading on Friday, hitting $44.0950. The company's stock had a trading volume of 22,034 shares, compared to its average volume of 103,377. The stock has a market cap of $616.45 million, a price-to-earnings ratio of 73.49 and a beta of 1.82. The business has a 50 day moving average price of $46.22 and a 200-day moving average price of $42.69. Red Violet has a 12 month low of $25.37 and a 12 month high of $52.24.

Hedge Funds Weigh In On Red Violet

A number of institutional investors have recently bought and sold shares of RDVT. JPMorgan Chase & Co. raised its stake in Red Violet by 89.7% in the fourth quarter. JPMorgan Chase & Co. now owns 59,269 shares of the company's stock worth $2,146,000 after buying an additional 28,026 shares in the last quarter. Franklin Resources Inc. bought a new position in Red Violet in the fourth quarter worth about $207,000. Wells Fargo & Company MN raised its stake in Red Violet by 58.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,688 shares of the company's stock worth $206,000 after buying an additional 2,089 shares in the last quarter. Invesco Ltd. bought a new position in Red Violet in the fourth quarter worth about $247,000. Finally, Renaissance Technologies LLC raised its stake in Red Violet by 43.4% in the fourth quarter. Renaissance Technologies LLC now owns 15,540 shares of the company's stock worth $563,000 after buying an additional 4,700 shares in the last quarter. 63.56% of the stock is owned by institutional investors.

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.