Red Violet (NASDAQ:RDVT) Reaches New 12-Month High on Insider Buying Activity

Key Points

• Red Violet shares reached a new 52-week high, trading as high as $74.82 after director William Paul Livek purchased 2,000 shares worth approximately $142,980, increasing his stake by 9.65%.
• Analyst sentiment is broadly positive: three analysts rate the stock a Buy and one rates it a Hold, giving RDVT a consensus “Moderate Buy” rating and an average price target of $77.
• The company exceeded quarterly expectations, reporting $0.50 in earnings per share versus the $0.33 consensus estimate and revenue of $26.72 million versus $25.62 million expected; institutional investors own 63.56% of the stock.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) shares hit a new 52-week high on Friday following insider buying activity. The company traded as high as $74.82 and last traded at $74.23, with a volume of 89802 shares trading hands. The stock had previously closed at $72.00.

Specifically, Director William Paul Livek bought 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $71.49 per share, with a total value of $142,980.00. Following the acquisition, the director owned 22,733 shares in the company, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

A number of research firms recently weighed in on RDVT. Wall Street Zen upgraded shares of Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Lake Street Capital increased their price target on Red Violet from $62.00 to $73.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Zacks Research cut Red Violet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Weiss Ratings upgraded Red Violet from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 21st. Finally, B. Riley Financial boosted their price objective on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $77.00.

Red Violet Stock Performance

The business's fifty day moving average price is $66.01 and its two-hundred day moving average price is $51.72. The stock has a market capitalization of $1.19 billion, a P/E ratio of 66.21 and a beta of 1.83.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System boosted its position in Red Violet by 1,547.8% during the 2nd quarter. California State Teachers Retirement System now owns 10,068 shares of the company's stock valued at $642,000 after acquiring an additional 9,457 shares in the last quarter. Susquehanna International Group LLP raised its position in shares of Red Violet by 273.5% in the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company's stock worth $1,385,000 after acquiring an additional 15,912 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Red Violet in the 2nd quarter worth $1,180,000. Man Group plc purchased a new stake in shares of Red Violet during the 2nd quarter worth $2,618,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Red Violet during the 2nd quarter worth $763,000. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

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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