Globeflex Capital L P Takes $5.28 Million Position in Red Violet, Inc. $RDVT

Key Points

• Globeflex Capital acquired 82,855 Red Violet shares worth approximately $5.28 million, representing about 0.52% of the company. Institutional investors collectively own 63.56% of RDVT.
• Analysts maintain a positive outlook, with three Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $77 price target.
• Red Violet exceeded quarterly expectations, reporting $0.50 in earnings per share versus the $0.33 consensus and revenue of $26.72 million versus $25.62 million expected. Shares recently opened at $71.17, near their 52-week high of $74.20.

Globeflex Capital L P acquired a new position in shares of Red Violet, Inc. (NASDAQ:RDVT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 82,855 shares of the company's stock, valued at approximately $5,280,000. Globeflex Capital L P owned about 0.52% of Red Violet at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Red Violet in the 2nd quarter valued at $60,582,000. Royal Bank of Canada grew its stake in Red Violet by 247.4% in the 4th quarter. Royal Bank of Canada now owns 282,480 shares of the company's stock valued at $16,088,000 after buying an additional 201,169 shares in the last quarter. Wasatch Advisors LP grew its position in shares of Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock valued at $31,543,000 after purchasing an additional 110,421 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of Red Violet during the first quarter valued at about $3,826,000. Finally, Renaissance Technologies LLC increased its holdings in Red Violet by 581.8% during the 1st quarter. Renaissance Technologies LLC now owns 113,450 shares of the company's stock worth $3,925,000 after acquiring an additional 96,810 shares during the period. 63.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RDVT shares. Weiss Ratings upgraded Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. Lake Street Capital upped their price target on shares of Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Wall Street Zen raised Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. B. Riley Financial raised their target price on Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Zacks Research cut shares of Red Violet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Red Violet has a consensus rating of "Moderate Buy" and a consensus price target of $77.00.

Red Violet Price Performance

Shares of Red Violet stock opened at $71.17 on Monday. The firm's 50-day moving average is $64.83 and its 200 day moving average is $50.88. Red Violet, Inc. has a 1 year low of $33.40 and a 1 year high of $74.20. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 63.54 and a beta of 1.82.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.17. The company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. On average, equities analysts expect that Red Violet, Inc. will post 1.16 EPS for the current fiscal year.

Insider Activity at Red Violet

In other news, CEO Derek Dubner sold 12,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the transaction, the chief executive officer directly owned 557,273 shares of the company's stock, valued at $32,004,188.39. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President James Patrick Reilly sold 12,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the sale, the president owned 232,351 shares of the company's stock, valued at approximately $13,343,917.93. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 46,000 shares of company stock valued at $2,641,880. Insiders own 8.90% of the company's stock.

About Red Violet

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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