Red Violet (NASDAQ:RDVT) Stock Rating Cut to “Hold” at Zacks Research

Zacks Research lowered shares of Red Violet (NASDAQ:RDVT) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks reports.

A number of other equities analysts also recently weighed in on RDVT. Wall Street Zen raised Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Needham & Company LLC initiated coverage on shares of Red Violet in a report on Tuesday, September 1st. They issued a “buy” rating and a $90.00 price objective on the stock. Lake Street Capital lifted their price objective 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. Raymond James Financial initiated coverage on shares of Red Violet in a research report on Thursday, September 17th. They issued an “outperform” rating and a $90.00 price objective on the stock. Finally, B. Riley Financial increased their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Red Violet presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Red Violet Price Performance

Shares of Red Violet stock opened at $78.56 on Tuesday. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 70.14 and a beta of 1.79. The stock’s 50-day moving average is $75.29 and its 200-day moving average is $61.64. Red Violet has a one year low of $33.40 and a one year high of $81.79.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping 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 business had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. On average, equities analysts expect that Red Violet will post 1.18 EPS for the current year.

Insider Activity

In related news, Director William Livek bought 2,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average price of $71.49 per share, with a total value of $142,980.00. Following the completion of the transaction, the director owned 22,733 shares in the company, valued at $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Legal & General Group Plc bought a new position in Red Violet in the second quarter valued at approximately $175,000. The Manufacturers Life Insurance Company bought a new stake in shares of Red Violet during the 2nd quarter worth approximately $200,000. Bank of Nova Scotia bought a new stake in shares of Red Violet during the 2nd quarter worth approximately $401,000. Hsbc Holdings PLC raised its stake in shares of Red Violet by 22.6% during the 1st quarter. Hsbc Holdings PLC now owns 13,264 shares of the company’s stock worth $458,000 after purchasing an additional 2,441 shares in the last quarter. Finally, Bard Associates Inc. acquired a new stake in shares of Red Violet in the 2nd quarter valued at approximately $512,000. 63.56% of the stock is owned by institutional investors and hedge funds.

Red Violet Company Profile

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.