Red Violet (NASDAQ:RDVT) Stock Price Up 3.6% – Still a Buy?

Shares of Red Violet, Inc. (NASDAQ:RDVT) were up 3.6% during mid-day trading on Wednesday. The company traded as high as $75.90 and last traded at $76.0890. Approximately 87,026 shares traded hands during trading, a decline of 49% from the average daily volume of 169,837 shares. The stock had previously closed at $73.41.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. B. Riley Financial raised their target price on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of Red Violet from a “hold” rating to a “strong-buy” rating in a report on Monday. Raymond James Financial began coverage on Red Violet in a research note on Thursday, September 17th. They issued an “outperform” rating and a $90.00 price target for the company. Weiss Ratings downgraded Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Finally, Needham & Company LLC began coverage on Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $83.50.

Red Violet Stock Performance

The stock’s fifty day simple moving average is $70.82 and its two-hundred day simple moving average is $56.33. The stock has a market capitalization of $1.27 billion, a P/E ratio of 70.59 and a beta of 1.81.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The firm had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. As a group, analysts expect that Red Violet, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In related news, Director William Livek bought 2,000 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were purchased at an average cost of $71.49 per share, with a total value of $142,980.00. Following the acquisition, the director owned 22,733 shares of the company’s stock, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Red Violet

A number of hedge funds have recently made changes to their positions in RDVT. BlackRock Inc. bought a new stake in Red Violet in the second quarter valued at approximately $60,582,000. Ashford Capital Management Inc. lifted its position in shares of Red Violet by 3.8% in the 4th quarter. Ashford Capital Management Inc. now owns 602,818 shares of the company’s stock worth $34,330,000 after purchasing an additional 22,110 shares during the period. Wasatch Advisors LP boosted its stake in shares of Red Violet by 13.8% in the 1st quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock valued at $31,543,000 after purchasing an additional 110,421 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Red Violet by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock worth $7,151,000 after buying an additional 32,189 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in Red Violet by 46.4% during the 4th quarter. Kennedy Capital Management LLC now owns 123,688 shares of the company’s stock worth $7,044,000 after acquiring an additional 39,229 shares during the period. 63.56% of the stock is currently owned by institutional investors.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that provides data analytics and identity intelligence solutions. Its cloud-based platforms help organizations search, analyze and connect information from public and proprietary data sources to support investigations, risk management, fraud prevention and other decision-making processes.

The company’s products include idiCORE, an investigative and information platform designed for applications such as identity verification, collections, fraud detection and due diligence.