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

Red Violet (NASDAQ:RDVT) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

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

Red Violet Trading Down 3.5%

Shares of RDVT opened at $48.21 on Friday. The stock has a market cap of $679.28 million, a PE ratio of 62.61 and a beta of 1.69. Red Violet has a 1 year low of $32.23 and a 1 year high of $64.14. The stock has a 50 day simple moving average of $53.81 and a 200-day simple moving average of $51.04.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.39 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 business had revenue of $23.08 million for the quarter, compared to analyst estimates of $22.64 million. On average, sell-side analysts forecast that Red Violet will post 0.51 EPS for the current fiscal year.

Insider Activity at Red Violet

In other Red Violet news, insider Jeffrey Alan Dell sold 4,671 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $58.11, for a total transaction of $271,431.81. Following the transaction, the insider owned 161,263 shares of the company’s stock, valued at approximately $9,370,992.93. This represents a 2.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Derek Dubner sold 7,006 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $58.11, for a total value of $407,118.66. Following the completion of the transaction, the chief executive officer owned 563,994 shares in the company, valued at $32,773,691.34. The trade was a 1.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 55,000 shares of company stock valued at $3,182,463. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Red Violet

Several large investors have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new stake in Red Violet in the second quarter worth about $25,000. State of Alaska Department of Revenue bought a new position in shares of Red Violet in the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC grew its position in shares of Red Violet by 160.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after buying an additional 636 shares during the period. USA Financial Formulas bought a new stake in shares of Red Violet during the second quarter worth approximately $121,000. Finally, Legal & General Group Plc lifted its holdings in Red Violet by 143.5% in the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock valued at $142,000 after buying an additional 1,702 shares during the period. Institutional investors and hedge funds 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.