Red Violet (NASDAQ:RDVT) Reaches New 12-Month High - Here's Why

Key Points

• Red Violet shares reached a new 52-week high, trading as high as $77.36 and closing around $76.57, up 7.1% on the day. The company has a $1.23 billion market capitalization and trades at a P/E ratio of 68.37.
• Analyst sentiment is positive, with four Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $81.33. Recent target increases include Needham’s $90 target and B. Riley’s $81 target.
• Red Violet exceeded quarterly expectations, reporting $0.50 earnings per share versus the $0.33 consensus and revenue of $26.72 million versus $25.62 million expected. Director William Paul Livek also purchased 2,000 shares, increasing his position by 9.65%.

Shares of Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $77.36 and last traded at $76.5690, with a volume of 150834 shares trading hands. The stock had previously closed at $71.47.

Wall Street Analyst Weigh In

RDVT has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 21st. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Lake Street Capital upped their price target on Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. B. Riley Financial boosted their target price on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Needham & Company LLC started coverage on Red Violet in a research note on Tuesday. They issued a "buy" rating and a $90.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Red Violet presently has a consensus rating of "Moderate Buy" and an average price target of $81.33.

Red Violet Trading Up 7.1%

The stock has a market cap of $1.23 billion, a PE ratio of 68.37 and a beta of 1.81. The business has a fifty day simple moving average of $67.46 and a two-hundred day simple moving average of $52.63.

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

Insider Activity at Red Violet

In other news, Director William Paul Livek acquired 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The stock was bought 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Red Violet by 414.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock worth $27,000 after acquiring an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Red Violet by 145.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company's stock valued at $32,000 after buying an additional 336 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Red Violet by 160.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company's stock worth $51,000 after purchasing an additional 636 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Red Violet during the fourth quarter valued at $103,000. Finally, Legal & General Group Plc bought a new stake in shares of Red Violet in the 2nd quarter valued at about $175,000. Hedge funds and other institutional investors own 63.56% of the company's stock.

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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