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

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

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

Red Violet Trading Down 3.5%

NASDAQ:RDVT opened at $48.21 on Friday. Red Violet has a twelve month low of $32.23 and a twelve month high of $64.14. The company has a market cap of $679.28 million, a PE ratio of 62.61 and a beta of 1.69. The company’s 50 day moving average is $53.81 and its two-hundred day moving average is $51.03.

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

Insider Buying and Selling

In other news, President James Patrick Reilly sold 7,006 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $58.11, for a total value of $407,118.66. Following the completion of the transaction, the president owned 239,072 shares of the company’s stock, valued at $13,892,473.92. The trade was a 2.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Derek Dubner sold 7,006 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $58.11, for a total value of $407,118.66. Following the completion of the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 55,000 shares of company stock worth $3,182,463. Corporate insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Red Violet

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Red Violet by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 932,707 shares of the company’s stock worth $48,734,000 after purchasing an additional 37,622 shares during the period. Wasatch Advisors LP lifted its stake in shares of Red Violet by 10.4% in the 3rd quarter. Wasatch Advisors LP now owns 888,857 shares of the company’s stock valued at $46,443,000 after purchasing an additional 83,831 shares during the period. Ashford Capital Management Inc. boosted its holdings in Red Violet by 1.3% during the second quarter. Ashford Capital Management Inc. now owns 593,514 shares of the company’s stock worth $29,201,000 after buying an additional 7,610 shares in the last quarter. Brown Capital Management LLC grew its position in Red Violet by 31.3% during the second quarter. Brown Capital Management LLC now owns 469,340 shares of the company’s stock valued at $23,092,000 after buying an additional 111,908 shares during the period. Finally, Geode Capital Management LLC grew its position in Red Violet by 4.6% during the second quarter. Geode Capital Management LLC now owns 273,818 shares of the company’s stock valued at $13,475,000 after buying an additional 12,102 shares during the period. 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.