Shares of Red Violet, Inc. (RDVT) are soaring in Thursday's trading session, jumping 12.28% as investors react to a bullish analyst update. The surge comes after B. Riley raised its price target for the company, signaling increased confidence in Red Violet's future prospects.

B. Riley, a prominent financial services firm, has adjusted its price target for Red Violet from $46 to $52 while maintaining a "Buy" rating on the stock. This significant increase in the price target suggests that B. Riley sees substantial upside potential for Red Violet, which has evidently sparked enthusiasm among investors.

The market's strong positive reaction to the analyst update underscores the impact that Wall Street opinions can have on stock prices. As Red Violet continues to trade higher, investors will likely be watching closely for any further developments or news that could sustain this upward momentum.