Red Violet (NASDAQ:RDVT) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Red Violet (NASDAQ:RDVT) from a strong-buy rating to a buy rating in a report published on Friday.

A number of other brokerages have also recently issued reports on RDVT. B. Riley boosted their price objective on Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Zacks Research raised Red Violet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Lake Street Capital reaffirmed a “buy” rating and issued a $62.00 price target on shares of Red Violet in a research note on Thursday, November 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Red Violet in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $62.00.

Red Violet Price Performance

Shares of RDVT stock opened at $48.21 on Friday. Red Violet has a one year low of $32.23 and a one year high of $64.14. The firm has a 50-day moving average of $53.81 and a 200-day moving average of $51.05. The company has a market cap of $679.28 million, a P/E ratio of 62.61 and a beta of 1.69.

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

Insider Activity

In other Red Violet news, CFO Daniel Maclachlan sold 1,711 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $56.95, for a total transaction of $97,441.45. Following the sale, the chief financial officer directly owned 358,163 shares in the company, valued at approximately $20,397,382.85. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President James Patrick Reilly sold 1,711 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $56.95, for a total transaction of $97,441.45. Following the transaction, the president directly owned 231,078 shares of the company’s stock, valued at approximately $13,159,892.10. This trade represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 55,000 shares of company stock worth $3,182,463. Corporate insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDVT. Acadian Asset Management LLC increased its position in shares of Red Violet by 84.6% during the 2nd quarter. Acadian Asset Management LLC now owns 71,989 shares of the company’s stock worth $3,541,000 after purchasing an additional 32,999 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Red Violet by 27.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 206,570 shares of the company’s stock valued at $10,163,000 after buying an additional 44,592 shares in the last quarter. Pembroke Management LTD grew its stake in Red Violet by 9.4% during the third quarter. Pembroke Management LTD now owns 251,272 shares of the company’s stock worth $13,129,000 after buying an additional 21,550 shares during the last quarter. New York State Common Retirement Fund raised its position in Red Violet by 41.5% in the 2nd quarter. New York State Common Retirement Fund now owns 150,022 shares of the company’s stock worth $7,381,000 after purchasing an additional 43,998 shares during the last quarter. Finally, Hood River Capital Management LLC acquired a new stake in shares of Red Violet in the 2nd quarter valued at $3,235,000. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

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.