Red Violet (NASDAQ:RDVT) Raised to “Moderate Buy” at Needham & Company LLC

Red Violet (NASDAQ:RDVT) was upgraded by investment analysts at Needham & Company LLC to a “moderate buy” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other equities research analysts have also weighed in on the company. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Wall Street Zen upgraded Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings raised Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 21st. B. Riley Financial increased their price objective on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Lake Street Capital raised their target price on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Red Violet has an average rating of “Moderate Buy” and an average target price of $81.33.

Red Violet Stock Performance

Shares of Red Violet stock opened at $75.56 on Tuesday. Red Violet has a one year low of $33.40 and a one year high of $76.18. The company has a market cap of $1.21 billion, a P/E ratio of 67.46 and a beta of 1.82. The firm has a fifty day moving average of $67.15 and a two-hundred day moving average of $52.41.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The business had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. As a group, equities analysts predict that Red Violet will post 1.16 earnings per share for the current year.

Insider Activity

In other news, Director William Paul Livek purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were acquired at an average price of $71.49 per share, with a total value of $142,980.00. Following the purchase, the director directly owned 22,733 shares of the company’s stock, valued at $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Red Violet

Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming boosted its position in Red Violet by 5.4% during the fourth quarter. State of Wyoming now owns 5,430 shares of the company’s stock worth $309,000 after purchasing an additional 279 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Red Violet by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock worth $248,000 after buying an additional 312 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Red Violet by 145.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after buying an additional 336 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Red Violet by 414.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Red Violet by 4.9% during the 4th quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock valued at $519,000 after acquiring an additional 426 shares in the last quarter. 63.56% of the stock is owned by institutional investors and hedge funds.

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.