Red Violet (NASDAQ:RDVT) Stock Rating Lowered by Wall Street Zen

Red Violet (NASDAQ:RDVT) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other analysts also recently issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Red Violet in a report on Friday, May 8th. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Red Violet Stock Up 2.2%

Shares of NASDAQ RDVT opened at $60.86 on Friday. The stock has a market capitalization of $858.73 million, a price-to-earnings ratio of 63.40 and a beta of 1.83. The stock’s fifty day simple moving average is $58.63 and its 200 day simple moving average is $48.27. Red Violet has a 52-week low of $33.40 and a 52-week high of $69.65.

Red Violet (NASDAQ:RDVT) last announced its earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.14. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.The company had revenue of $25.83 million for the quarter, compared to analyst estimates of $24.63 million. As a group, analysts anticipate that Red Violet will post 1.06 earnings per share for the current year.

Insider Activity at Red Violet

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.44, for a total value of $574,400.00. Following the completion of the sale, the insider owned 155,889 shares in the company, valued at $8,954,264.16. This represents a 6.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Maclachlan sold 12,000 shares of Red Violet stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the sale, the chief financial officer directly owned 358,902 shares of the company’s stock, valued at $20,611,741.86. This trade represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,000 shares of company stock worth $2,641,880 in the last 90 days. 8.90% of the stock is owned by corporate insiders.

Institutional Trading of Red Violet

Several hedge funds and other institutional investors have recently modified their holdings of RDVT. Hennion & Walsh Asset Management Inc. grew its stake in Red Violet by 9.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 37,356 shares of the company’s stock valued at $2,380,000 after purchasing an additional 3,311 shares in the last quarter. Ashford Capital Management Inc. increased its position in Red Violet by 13.9% in the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock worth $23,764,000 after purchasing an additional 83,998 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Red Violet during the 1st quarter worth about $526,000. Renaissance Technologies LLC raised its stake in shares of Red Violet by 581.8% during the 1st quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock worth $3,925,000 after purchasing an additional 96,810 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Red Violet by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock worth $5,703,000 after purchasing an additional 23,816 shares in the last quarter. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

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.