Royal Bank of Canada Has $8 Million Stock Holdings in Red Violet, Inc. $RDVT

Key Points

• Royal Bank of Canada cut its Red Violet stake by 18.2% in the first quarter, selling 51,393 shares and retaining 231,087 shares worth approximately $8 million. Institutional investors collectively own 63.56% of the company.
• Red Violet reported quarterly earnings of $0.50 per share, surpassing the $0.33 consensus estimate, while revenue of $26.72 million also exceeded expectations.
• Insiders have sold 46,000 shares valued at $2.64 million over the past 90 days. Analyst sentiment remains a “Moderate Buy,” with an average price target of $71.50 versus the stock’s reported $65.65 price.

Royal Bank of Canada trimmed its holdings in Red Violet, Inc. (NASDAQ:RDVT - Free Report) by 18.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,087 shares of the company's stock after selling 51,393 shares during the period. Royal Bank of Canada owned 1.64% of Red Violet worth $7,995,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. State of Wyoming lifted its stake in shares of Red Violet by 5.4% in the 4th quarter. State of Wyoming now owns 5,430 shares of the company's stock valued at $309,000 after purchasing an additional 279 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Red Violet by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company's stock worth $248,000 after purchasing an additional 312 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in Red Violet by 145.5% during the fourth 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 during the last quarter. EverSource Wealth Advisors LLC increased its position in Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock worth $27,000 after buying an additional 377 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Red Violet by 4.9% during the fourth quarter. Deutsche Bank AG now owns 9,116 shares of the company's stock valued at $519,000 after buying an additional 426 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company's stock.

Insider Activity at Red Violet

In other Red Violet news, President James Patrick Reilly sold 12,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the sale, the president directly owned 232,351 shares of the company's stock, valued at $13,343,917.93. This represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Derek Dubner sold 12,000 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the sale, the chief executive officer owned 557,273 shares in the company, valued at $32,004,188.39. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 46,000 shares of company stock valued at $2,641,880 in the last 90 days. 8.90% of the stock is owned by company insiders.

Red Violet Stock Up 0.2%

RDVT opened at $65.65 on Tuesday. The stock's 50 day moving average price is $61.96 and its two-hundred day moving average price is $49.46. The firm has a market capitalization of $927.63 million, a P/E ratio of 68.39 and a beta of 1.82. Red Violet, Inc. has a 12-month low of $33.40 and a 12-month high of $71.19.

Red Violet (NASDAQ:RDVT - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $25.62 million. Red Violet had a return on equity of 14.30% and a net margin of 14.99%. As a group, analysts anticipate that Red Violet, Inc. will post 1.06 earnings per share for the current year.

Analyst Ratings Changes

RDVT has been the subject of a number of analyst reports. B. Riley Financial boosted their price target on Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Zacks Research downgraded Red Violet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Wall Street Zen lowered Red Violet from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Red Violet in a research report on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Red Violet has a consensus rating of "Moderate Buy" and an average target price of $71.50.

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.

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