Shares of Red Violet, Inc. (RDVT) are soaring in Thursday's trading session, with the stock climbing 12.28% to $44.71. The significant upward movement comes as B. Riley, a prominent financial services firm, adjusted its price target for Red Violet from $46 to $52 while maintaining a Buy rating on the stock.

The surge in Red Violet's stock price indicates strong investor confidence in the company's prospects. B. Riley's decision to raise the price target by $6 suggests that the firm sees potential for further growth in Red Violet's business operations and market position.

While the exact reasons for B. Riley's upgraded outlook have not been detailed in the available information, such adjustments are typically based on positive assessments of a company's financial performance, market conditions, or strategic initiatives. Investors are advised to conduct their own research and consider their individual financial situations before making investment decisions based on analyst recommendations.