Red Violet (NASDAQ:RDVT) Stock Rating Lowered by Zacks Research

Red Violet (NASDAQ:RDVT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other equities research analysts have also weighed in on the company. Lake Street Capital boosted their price objective on Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Weiss Ratings raised Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 13th. Needham & Company LLC assumed coverage on Red Violet in a research report on Tuesday, September 1st. They issued a “buy” rating and a $90.00 target price for the company. Raymond James Financial began coverage on Red Violet in a research report on Thursday, September 17th. They issued an “outperform” rating and a $90.00 target price for the company. Finally, B. Riley Financial lifted their price target on Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Red Violet Stock Performance

NASDAQ RDVT opened at $78.56 on Tuesday. The firm’s fifty day moving average price is $75.29 and its two-hundred day moving average price is $61.64. The stock has a market cap of $1.26 billion, a PE ratio of 66.31 and a beta of 1.79. Red Violet has a fifty-two week low of $33.40 and a fifty-two week high of $81.79.

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

Insiders Place Their Bets

In other Red Violet news, Director William Livek bought 2,000 shares of Red Violet 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 directly owned 22,733 shares of the company’s stock, valued at $1,625,182.17. The trade was a 9.65% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Violet

Large investors have recently modified their holdings of the business. Susquehanna International Group LLP raised its position in Red Violet by 273.5% during the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company’s stock worth $1,385,000 after purchasing an additional 15,912 shares during the last quarter. Bank of America Corp DE acquired a new position in Red Violet during the 2nd quarter worth about $1,180,000. Man Group plc acquired a new position in Red Violet during the 2nd quarter worth about $2,618,000. Hsbc Holdings PLC acquired a new position in Red Violet during the 2nd quarter worth about $763,000. Finally, PDT Partners LLC acquired a new position in Red Violet during the 2nd quarter worth about $3,039,000. Institutional investors own 63.56% of the company’s stock.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company’s products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.