Red Violet (NASDAQ:RDVT) Sets New 12-Month High - Time to Buy?

Key Points

• Red Violet shares reached a new 52-week high of $80.30, with the stock last trading near $80.10 and a market capitalization of approximately $1.25 billion.
• Analyst sentiment remains broadly positive: the stock has an average “Buy” rating and a consensus price target of $83.50, although Weiss Ratings downgraded it to “Hold.”
• The company beat quarterly expectations, reporting $0.50 in EPS versus a $0.33 estimate and revenue of $26.72 million versus $25.62 million; institutional investors own 63.56% of the shares.

Shares of Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) hit a new 52-week high during trading on Friday. The company traded as high as $80.30 and last traded at $80.1030, with a volume of 12031 shares changing hands. The stock had previously closed at $79.06.

Analyst Upgrades and Downgrades

RDVT has been the subject of several research reports. Weiss Ratings lowered shares of Red Violet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, September 11th. Raymond James Financial started coverage on shares of Red Violet in a research note on Thursday, September 17th. They set an "outperform" rating and a $90.00 price objective on the stock. Needham & Company LLC initiated coverage on shares of Red Violet in a report on Tuesday, September 1st. They issued a "buy" rating and a $90.00 price objective on the stock. B. Riley Financial raised their target price on shares of Red Violet from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded shares of Red Violet from a "hold" rating to a "strong-buy" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $83.50.

Red Violet Stock Performance

The firm has a 50-day moving average price of $70.82 and a 200-day moving average price of $56.33. The stock has a market cap of $1.25 billion, a PE ratio of 69.59 and a beta of 1.81.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.33 by $0.17. The company had revenue of $26.72 million for 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%. As a group, sell-side analysts anticipate that Red Violet, Inc. will post 1.18 EPS for the current fiscal year.

Insider Activity

In other news, Director William Livek purchased 2,000 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were purchased at an average price 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 in the company, valued at $1,625,182.17. This represents a 9.65% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.90% of the company's stock.

Hedge Funds Weigh In On Red Violet

A number of hedge funds have recently added to or reduced their stakes in RDVT. BlackRock Inc. purchased a new stake in Red Violet during the 2nd quarter valued at $60,582,000. Ashford Capital Management Inc. increased its holdings in shares of Red Violet by 3.8% in the 4th quarter. Ashford Capital Management Inc. now owns 602,818 shares of the company's stock worth $34,330,000 after purchasing an additional 22,110 shares in the last quarter. Wasatch Advisors LP raised its stake in shares of Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company's stock worth $31,543,000 after purchasing an additional 110,421 shares during the last quarter. Dimensional Fund Advisors LP raised 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 during the last quarter. Finally, Kennedy Capital Management LLC lifted its holdings in shares of Red Violet by 46.4% during the fourth quarter. Kennedy Capital Management LLC now owns 123,688 shares of the company's stock valued at $7,044,000 after purchasing an additional 39,229 shares in the last quarter. 63.56% of the stock is currently owned by hedge funds and other institutional investors.

About Red Violet

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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