Red Violet (NASDAQ:RDVT) Raised to “Strong-Buy” at Zacks Research

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

A number of other brokerages have also recently issued reports on RDVT. Lake Street Capital reissued a “buy” rating and issued a $62.00 target price on shares of Red Violet in a research report on Thursday, November 6th. Wall Street Zen raised Red Violet from a “hold” rating to a “strong-buy” rating in a report on Sunday, November 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Red Violet in a report on Monday. Finally, B. Riley upped 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. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat, Red Violet presently has a consensus rating of “Buy” and an average target price of $62.00.

Red Violet Trading Down 9.8%

Shares of Red Violet stock opened at $51.37 on Thursday. The company has a fifty day simple moving average of $55.06 and a 200-day simple moving average of $50.79. The stock has a market cap of $723.70 million, a price-to-earnings ratio of 66.72 and a beta of 1.67. Red Violet has a 12-month low of $32.23 and a 12-month high of $64.14.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $23.08 million during the quarter, compared to analysts’ expectations of $22.64 million. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. On average, analysts forecast that Red Violet will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Alan Dell sold 4,671 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider owned 161,263 shares in the company, valued at $9,370,992.93. This represents a 2.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Maclachlan sold 7,006 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $58.11, for a total value of $407,118.66. Following the sale, the chief financial officer directly owned 366,157 shares of the company’s stock, valued at approximately $21,277,383.27. This represents a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 55,000 shares of company stock worth $3,182,463. 8.90% of the stock is currently owned by company insiders.

Institutional Trading of Red Violet

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp purchased a new position in Red Violet during the second quarter worth about $25,000. State of Alaska Department of Revenue purchased a new stake in Red Violet in the 3rd quarter valued at approximately $33,000. Tower Research Capital LLC TRC increased its position in 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 purchasing an additional 636 shares during the period. USA Financial Formulas purchased a new position in shares of Red Violet during the 2nd quarter worth approximately $121,000. Finally, Legal & General Group Plc raised its stake in shares of Red Violet by 143.5% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 63.56% of the company’s stock.

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.