Red Violet (NASDAQ:RDVT) Hits New 12-Month High - Should You Buy?

Key Points

• Red Violet shares reached a new 52-week high, trading as high as $77.57 and closing around $76.88, up 4.4%. The company has a $1.26 billion market capitalization and trades at a relatively high P/E ratio of 69.85.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $81.33. Recent targets range from $73 to $90, although Weiss Ratings downgraded the stock to “Hold.”
• Red Violet exceeded quarterly expectations, reporting $0.50 in EPS versus a $0.33 consensus estimate and revenue of $26.72 million. An insider recently increased their stake, while institutional investors own 63.56% of the company’s shares.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $77.57 and last traded at $76.8790, with a volume of 34443 shares traded. The stock had previously closed at $75.02.

Wall Street Analysts Forecast Growth

RDVT has been the subject of a number of recent analyst reports. Weiss Ratings lowered Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. Lake Street Capital increased their target price on Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Needham & Company LLC initiated coverage on Red Violet in a research note on Tuesday, September 1st. They set a "buy" rating and a $90.00 target price for the company. B. Riley Financial raised their price target on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.33.

Red Violet Trading Up 4.4%

The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 69.85 and a beta of 1.81. The company has a 50-day moving average of $69.20 and a 200-day moving average of $54.27.

Red Violet (NASDAQ:RDVT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.17. The firm 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, research analysts forecast that Red Violet, Inc. will post 1.16 earnings per share for the current year.

Insiders Place Their Bets

In other Red Violet news, Director William Livek bought 2,000 shares of the business's stock in a transaction on Thursday, August 27th. The shares were purchased at an average price of $71.49 per share, with a total value of $142,980.00. Following the completion of the acquisition, the director directly owned 22,733 shares of the company's stock, valued at approximately $1,625,182.17. The trade was a 9.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership grew its holdings in Red Violet by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company's stock worth $5,703,000 after buying an additional 23,816 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in Red Violet by 182.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company's stock valued at $2,015,000 after acquiring an additional 37,653 shares in the last quarter. Ashford Capital Management Inc. boosted its position in Red Violet by 13.9% during the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock worth $23,764,000 after acquiring an additional 83,998 shares during the period. Renaissance Technologies LLC boosted its position 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. Finally, Dimensional Fund Advisors LP grew its stake in shares of Red Violet by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company's stock worth $7,151,000 after purchasing an additional 32,189 shares in the last quarter. 63.56% of the stock is currently owned by institutional investors.

Red Violet Company Profile

Red Violet, Inc NASDAQ: RDVT is a technology company that provides data analytics and identity intelligence solutions. Its cloud-based platforms help organizations search, analyze and connect information from public and proprietary data sources to support investigations, risk management, fraud prevention and other decision-making processes.

The company's products include idiCORE, an investigative and information platform designed for applications such as identity verification, collections, fraud detection and due diligence.

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