Red Violet (NASDAQ:RDVT) Upgraded at Zacks Research

Red Violet (NASDAQ:RDVT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Several other brokerages also recently commented on RDVT. Lake Street Capital reaffirmed a “buy” rating and set a $62.00 price objective on shares of Red Violet in a research note on Thursday, November 6th. Wall Street Zen raised Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Sunday, November 9th. B. Riley lifted their price objective on Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Red Violet in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, Red Violet presently has an average rating of “Buy” and an average target price of $62.00.

Red Violet Price Performance

Shares of NASDAQ:RDVT opened at $51.37 on Thursday. The firm’s 50 day simple moving average is $55.06 and its 200 day simple moving average is $50.79. Red Violet has a fifty-two week low of $32.23 and a fifty-two week high of $64.14. The company has a market capitalization of $723.70 million, a price-to-earnings ratio of 66.72 and a beta of 1.67.

Red Violet (NASDAQ:RDVT) last issued its earnings results on Wednesday, November 5th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.32 by $0.07. The firm had revenue of $23.08 million during the quarter, compared to the consensus estimate of $22.64 million. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. Equities research analysts expect that Red Violet will post 0.51 earnings per share for the current year.

Insider Transactions at Red Violet

In related news, CFO Daniel Maclachlan sold 7,006 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $58.11, for a total transaction of $407,118.66. Following the completion of the transaction, the chief financial officer directly owned 366,157 shares in the company, valued at approximately $21,277,383.27. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President James Patrick Reilly sold 7,006 shares of Red Violet stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $58.11, for a total value of $407,118.66. Following the completion of the sale, the president directly owned 239,072 shares in the company, valued at approximately $13,892,473.92. This represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 55,000 shares of company stock valued at $3,182,463 over the last three months. 8.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Violet

Institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Red Violet by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock valued at $248,000 after acquiring an additional 312 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Red Violet by 0.8% in the second quarter. Prudential Financial Inc. now owns 39,407 shares of the company’s stock valued at $1,939,000 after buying an additional 332 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Red Violet by 2.5% in the first quarter. Rhumbline Advisers now owns 16,304 shares of the company’s stock valued at $613,000 after buying an additional 393 shares during the last quarter. Fifth Third Bancorp bought a new position in shares of Red Violet during the 2nd quarter worth approximately $25,000. Finally, Osaic Holdings Inc. increased its holdings in shares of Red Violet by 12.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,486 shares of the company’s stock worth $221,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 63.56% of the company’s stock.

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.