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

Red Violet (NASDAQ:RDVT) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

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

Red Violet Price Performance

Shares of NASDAQ RDVT opened at $48.21 on Friday. Red Violet has a 1 year low of $32.23 and a 1 year high of $64.14. The firm has a 50-day simple moving average of $53.81 and a two-hundred day simple moving average of $51.03. The company has a market cap of $679.28 million, a P/E ratio of 62.61 and a beta of 1.69.

Red Violet (NASDAQ:RDVT) last released its earnings results on Wednesday, November 5th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Red Violet had a return on equity of 12.26% and a net margin of 12.96%.The firm had revenue of $23.08 million for the quarter, compared to analysts’ expectations of $22.64 million. As a group, equities research analysts expect that Red Violet will post 0.51 EPS for the current year.

Insider Buying and Selling at Red Violet

In related news, insider Jeffrey Alan Dell sold 4,671 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $58.11, for a total value of $271,431.81. Following the completion of the transaction, the insider owned 161,263 shares of the company’s stock, valued at $9,370,992.93. The trade was a 2.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President James Patrick Reilly sold 7,006 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $58.11, for a total value of $407,118.66. Following the sale, the president directly owned 239,072 shares in the company, valued at $13,892,473.92. This trade represents a 2.85% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 55,000 shares of company stock valued at $3,182,463. 8.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp purchased a new position in Red Violet in the second quarter worth $25,000. State of Alaska Department of Revenue acquired a new stake in shares of Red Violet in the 3rd quarter worth $33,000. Tower Research Capital LLC TRC grew its stake 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 buying an additional 636 shares during the last quarter. USA Financial Formulas acquired a new position in Red Violet during the 2nd quarter valued at about $121,000. Finally, Legal & General Group Plc raised its stake in Red Violet by 143.5% in the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock valued at $142,000 after buying an additional 1,702 shares during the last quarter. Hedge funds and other institutional investors own 63.56% of the company’s stock.

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.