Brokerages Set Red Violet, Inc. (NASDAQ:RDVT) Price Target at $77.00

Red Violet, Inc. (NASDAQ:RDVT) has earned an average recommendation of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $81.3333.

A number of research firms recently issued reports on RDVT. Needham & Company LLC assumed coverage on shares of Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 target price on the stock. Weiss Ratings upgraded shares of Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 21st. Wall Street Zen raised shares of Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. B. Riley Financial upped their price objective on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Lake Street Capital increased their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th.

Insider Buying and Selling

In other news, Director William Livek purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average cost of $71.49 per share, with a total value of $142,980.00. Following the purchase, the director owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Violet

A number of hedge funds have recently added to or reduced their stakes in RDVT. EverSource Wealth Advisors LLC lifted its holdings in shares of Red Violet by 414.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in shares of Red Violet by 145.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock valued at $32,000 after buying an additional 336 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Red Violet by 160.6% during 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 during the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Red Violet during the fourth quarter valued at about $103,000. Finally, Legal & General Group Plc increased its position in shares of Red Violet by 143.5% during the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock worth $142,000 after acquiring an additional 1,702 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Price Performance

Shares of NASDAQ:RDVT opened at $76.14 on Tuesday. The firm has a market cap of $1.22 billion, a P/E ratio of 67.98 and a beta of 1.81. The business has a fifty day simple moving average of $68.46 and a 200 day simple moving average of $53.35. Red Violet has a 12-month low of $33.40 and a 12-month high of $77.36.

Red Violet (NASDAQ:RDVT) last issued 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. The firm had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. As a group, equities research analysts expect that Red Violet will post 1.16 EPS for the current year.

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.