Shares of Red Violet, Inc. (RDVT) are soaring 8.18% in intraday trading on Thursday, building on the strong momentum that began in pre-market hours. The data analytics company's stock is experiencing significant upward movement as investors react to a bullish analyst update.

The catalyst for this rally is a recent move by B. Riley, a prominent financial services firm. In a report released early Thursday, B. Riley raised its target price for Red Violet from $62 to $75, representing a substantial 21% increase in their valuation of the company. This upward revision suggests growing confidence in Red Violet's business model and future prospects, prompting investors to bid up the stock price.

While specific details about the reasoning behind B. Riley's more optimistic outlook were not provided, such target price increases often reflect an analyst's belief in a company's improved growth potential, market position, or financial performance. As Red Violet continues to gain traction in the data analytics space, investors will likely be watching closely to see if the company can maintain this momentum and deliver on the heightened expectations reflected in B. Riley's upgraded target price.