Red Violet (NASDAQ:RDVT) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Wall Street Zen upgraded Red Violet to “Buy” from “Hold,” contributing to a MarketBeat consensus rating of “Moderate Buy” and an average price target of $77.00.
• Red Violet reported quarterly EPS of $0.50, beating estimates of $0.33, while revenue of $26.72 million exceeded expectations of $25.62 million.
• The stock opened at $69.78, near its 12-month high of $74.20; however, company insiders sold 46,000 shares worth approximately $2.64 million over the past 90 days.

Red Violet (NASDAQ:RDVT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Other analysts have also issued reports about the company. Zacks Research lowered Red Violet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Weiss Ratings reissued a "hold (c+)" rating on shares of Red Violet in a report on Wednesday, August 5th. B. Riley Financial raised their price objective on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Lake Street Capital lifted their price objective on Red Violet from $62.00 to $73.00 and gave the stock a "buy" rating in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Red Violet Price Performance

Red Violet stock opened at $69.78 on Friday. Red Violet has a 12-month low of $33.40 and a 12-month high of $74.20. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 62.30 and a beta of 1.83. The firm's fifty day moving average price is $63.29 and its 200 day moving average price is $50.06.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.17. The firm had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. Analysts forecast that Red Violet will post 1.06 earnings per share for the current fiscal year.

Insider Activity at Red Violet

In other news, President James Patrick Reilly sold 12,000 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the sale, the president owned 232,351 shares in the company, valued at approximately $13,343,917.93. This represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Maclachlan sold 12,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the transaction, the chief financial officer directly owned 358,902 shares in the company, valued at $20,611,741.86. The trade was a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 46,000 shares of company stock valued at $2,641,880 in the last 90 days. 8.90% of the stock is currently owned by insiders.

Institutional Trading of Red Violet

Several hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in Red Violet during the first quarter valued at approximately $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Red Violet by 5.0% in 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. Creative Planning acquired a new position in shares of Red Violet in the 2nd quarter worth approximately $338,000. JPMorgan Chase & Co. increased its holdings in shares of Red Violet by 5.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 38,120 shares of the company's stock valued at $1,876,000 after acquiring an additional 1,990 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Red Violet by 143.5% in the 2nd 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.

About Red Violet

Red Violet, Inc NASDAQ: RDVT is a provider of advanced data, analytics and technology solutions designed to help organizations mitigate financial crime, fraud and security risks. The company’s cloud-native platform consolidates and enriches data from proprietary, public and third-party sources, applying artificial intelligence and machine learning to deliver insights across the risk-management lifecycle. Red Violet’s suite of services includes behavior-based transaction monitoring, automated watchlist and negative-news screening, enhanced due diligence and real-time geospatial threat intelligence.

Leveraging proprietary algorithms, Red Violet offers products that enable compliance teams to streamline anti-money laundering processes, improve fraud detection and respond swiftly to emerging threats.

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