Red Violet (NASDAQ:RDVT) Stock Price Up 3.6% - Here's What Happened

Key Points

• Red Violet shares rose 3.6% to about $76.09, although trading volume was 49% below the daily average.
• Analyst sentiment remains positive overall: the stock has an average “Buy” rating and an average price target of $83.50, including Raymond James’ $90 target.
• The company recently exceeded quarterly expectations, reporting $0.50 EPS versus the $0.33 consensus and revenue of $26.72 million versus $25.62 million expected.

Shares of Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) traded up 3.6% during trading on Wednesday . The stock traded as high as $75.90 and last traded at $76.0890. 87,026 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 169,837 shares. The stock had previously closed at $73.41.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RDVT. B. Riley Financial raised their price objective 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. Wall Street Zen cut shares of Red Violet from a "buy" rating to a "hold" rating in a report on Saturday. Zacks Research upgraded shares of Red Violet from a "hold" rating to a "strong-buy" rating in a research note on Monday. Raymond James Financial assumed coverage on Red Violet in a report on Thursday, September 17th. They set an "outperform" rating and a $90.00 price target on the stock. Finally, Lake Street Capital upped their price objective on Red Violet from $62.00 to $73.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $83.50.

Red Violet Stock Performance

The company has a market cap of $1.21 billion, a PE ratio of 67.77 and a beta of 1.81. The stock's 50-day simple moving average is $70.36 and its 200 day simple moving average is $55.88.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The business had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. On average, sell-side analysts predict that Red Violet, Inc. will post 1.18 EPS for the current fiscal year.

Insider Activity at Red Violet

In other Red Violet news, Director William Livek purchased 2,000 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were purchased at an average cost of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the purchase, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Red Violet

Several institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its position in Red Violet by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company's stock worth $5,703,000 after acquiring an additional 23,816 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Red Violet by 182.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company's stock valued at $2,015,000 after buying an additional 37,653 shares in the last quarter. Ashford Capital Management Inc. grew its holdings in Red Violet by 13.9% during the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company's stock valued at $23,764,000 after buying an additional 83,998 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Red Violet by 18.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company's stock valued at $7,151,000 after buying an additional 32,189 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Red Violet by 581.8% during the first quarter. Renaissance Technologies LLC now owns 113,450 shares of the company's stock worth $3,925,000 after buying an additional 96,810 shares in the last quarter. Hedge funds and other institutional investors own 63.56% of the company's stock.

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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