Red Violet (NASDAQ:RDVT) Sets New 1-Year High - Here's What Happened

Key Points

• Red Violet shares reached a new 52-week high of $82.19 during Monday trading, up from a previous close of $80.80.
• Analysts maintain a generally positive outlook, with five Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $83.50.
• The company exceeded quarterly expectations, reporting $0.50 in EPS versus the $0.33 estimate and revenue of $26.72 million versus $25.62 million expected.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday. The company traded as high as $82.19 and last traded at $81.8640, with a volume of 35,443 shares trading hands. The stock had previously closed at $80.80.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RDVT. Lake Street Capital raised 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. Zacks Research lowered Red Violet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 20th. B. Riley Financial boosted their price target on Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Red Violet from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, October 13th. Finally, Raymond James Financial started coverage on shares of Red Violet in a report on Thursday, September 17th. They set an "outperform" rating and a $90.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.50.

Red Violet Trading Down 1.2%

The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 71.20 and a beta of 1.79. The company has a fifty day moving average price of $75.60 and a 200-day moving average price of $62.26.

Red Violet (NASDAQ:RDVT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.50 earnings per share (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 return on equity of 16.12% and a net margin of 16.54%. As a group, research analysts forecast that Red Violet, Inc. will post 1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director William Livek acquired 2,000 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $71.49 per share, for a total transaction 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 filing with the SEC, which is available through the SEC website. 8.90% of the stock is owned by corporate insiders.

Institutional Trading of Red Violet

Institutional investors have recently made changes to their positions in the business. Bank of America Corp DE bought a new position in Red Violet in the 2nd quarter valued at $1,180,000. Bank of New York Mellon Corp bought a new stake in Red Violet during the second quarter worth about $2,323,000. Susquehanna International Group LLP lifted its stake in Red Violet by 273.5% in the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company's stock valued at $1,385,000 after purchasing an additional 15,912 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Red Violet by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company's stock valued at $5,703,000 after purchasing an additional 23,816 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position 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 worth $2,015,000 after buying an additional 37,653 shares during the period. 63.56% of the stock is currently owned by institutional investors and hedge funds.

About Red Violet

Red Violet, Inc NASDAQ: RDVT is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company's products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.

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