Red Violet (NASDAQ:RDVT) Lowered 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 equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday.

Separately, Lake Street Capital initiated coverage on shares of Red Violet in a report on Monday, August 4th. They issued a "buy" rating and a $60.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $60.00.

Red Violet Stock Performance

Shares of Red Violet stock traded up $0.94 during midday trading on Friday, reaching $45.31. 75,244 shares of the company's stock traded hands, compared to its average volume of 97,647. The company has a market cap of $633.43 million, a price-to-earnings ratio of 75.52 and a beta of 1.82. The company's 50 day simple moving average is $46.13 and its 200 day simple moving average is $42.75. Red Violet has a 52 week low of $25.37 and a 52 week high of $52.24.

Institutional Trading of Red Violet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp acquired a new position in Red Violet in the second quarter valued at about $25,000. Nisa Investment Advisors LLC boosted its position 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 buying an additional 1,000 shares in the last quarter. Tower Research Capital LLC TRC boosted its position 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 buying an additional 636 shares in the last quarter. USA Financial Formulas acquired a new position in Red Violet in the second quarter valued at about $121,000. Finally, AlphaQuest LLC acquired a new position in Red Violet in the first quarter valued at about $129,000. 63.56% of the stock is currently 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.