Red Violet (NASDAQ:RDVT) Upgraded to “Moderate Buy” at Needham & Company LLC

Needham & Company LLC upgraded shares of Red Violet (NASDAQ:RDVT) to a moderate buy rating in a report released on Tuesday,Zacks reports.

RDVT has been the subject of several other reports. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings raised Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 21st. Lake Street Capital raised their price target on shares of Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, B. Riley Financial upped their price target 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. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.33.

Red Violet Stock Performance

Shares of NASDAQ RDVT opened at $75.56 on Tuesday. The firm has a 50 day moving average price of $67.15 and a 200 day moving average price of $52.41. The stock has a market cap of $1.21 billion, a P/E ratio of 67.46 and a beta of 1.82. Red Violet has a 52-week low of $33.40 and a 52-week high of $76.18.

Red Violet (NASDAQ:RDVT) last released its earnings results on Monday, August 10th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.33 by $0.17. Red Violet had a return on equity of 16.12% and a net margin of 16.54%.The firm had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $25.62 million. Analysts predict that Red Violet will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Red Violet

In other news, Director William Paul Livek bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were purchased at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the transaction, the director directly owned 22,733 shares in the company, valued at approximately $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 SEC, which is accessible through the SEC website. 8.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Violet

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock worth $27,000 after buying 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 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock valued at $32,000 after purchasing an additional 336 shares during the last quarter. Tower Research Capital LLC TRC lifted 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 during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Red Violet in the 4th quarter valued at approximately $103,000. Finally, Legal & General Group Plc boosted 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 buying an additional 1,702 shares during the period. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Red Violet Company Profile

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.