Red Violet (NASDAQ:RDVT) Now Covered by Analysts at Lake Street Capital

Lake Street Capital started coverage on shares of Red Violet (NASDAQ:RDVT) in a research note released on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $60.00 target price on the stock.

Red Violet Trading Up 6.3%

Shares of RDVT stock opened at $45.07 on Monday. Red Violet has a 1-year low of $21.83 and a 1-year high of $52.24. The stock has a market cap of $629.18 million, a price-to-earnings ratio of 73.89 and a beta of 1.82. The stock has a 50-day moving average of $47.22 and a 200-day moving average of $42.09.

Insider Activity at Red Violet

In other Red Violet news, CEO Derek Dubner sold 10,000 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $46.21, for a total value of $462,100.00. Following the completion of the sale, the chief executive officer directly owned 580,379 shares in the company, valued at approximately $26,819,313.59. This trade represents a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey Alan Dell sold 5,000 shares of the firm’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $46.20, for a total transaction of $231,000.00. Following the completion of the transaction, the insider directly owned 172,968 shares in the company, valued at $7,991,121.60. This trade represents a 2.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Red Violet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AlphaQuest LLC increased its position in shares of Red Violet by 23.0% during the second quarter. AlphaQuest LLC now owns 4,212 shares of the company’s stock valued at $207,000 after acquiring an additional 789 shares during the last quarter. Evernest Financial Advisors LLC bought a new position in Red Violet in the 2nd quarter valued at $344,000. Precision Wealth Strategies LLC bought a new position in Red Violet in the 2nd quarter valued at $916,000. USA Financial Formulas purchased a new stake in shares of Red Violet during the 2nd quarter valued at $121,000. Finally, Fifth Third Bancorp bought a new stake in shares of Red Violet during the 2nd quarter worth $25,000. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Red Violet Company Profile

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.