Red Violet (NASDAQ:RDVT) Hits New 12-Month High - Still a Buy?

Key Points

• Red Violet hit a new 52-week high on Tuesday, trading as high as $69.65 before closing near $68.99. The move came on relatively light volume of 17,277 shares.
• Analyst sentiment is mixed: Wall Street Zen upgraded the stock to Buy, while Zacks downgraded it to Hold. Overall, MarketBeat shows a Moderate Buy consensus with an average price target of $62.00.
• The company recently beat quarterly expectations, reporting $0.46 EPS versus the $0.32 estimate and revenue of $25.83 million versus $24.63 million expected. However, insiders have also sold shares recently, including the CFO and another executive.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $69.65 and last traded at $68.99, with a volume of 17277 shares. The stock had previously closed at $68.45.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wall Street Zen raised Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Red Violet in a research report on Friday, May 8th. Finally, Zacks Research lowered shares of Red Violet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Red Violet Price Performance

The firm has a fifty day simple moving average of $55.28 and a 200-day simple moving average of $47.68. The firm has a market cap of $969.22 million, a P/E ratio of 71.68 and a beta of 1.83.

Red Violet (NASDAQ:RDVT - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.32 by $0.14. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.The firm had revenue of $25.83 million during the quarter, compared to the consensus estimate of $24.63 million. On average, equities analysts predict that Red Violet, Inc. will post 1.06 earnings per share for the current year.

Insider Buying and Selling at Red Violet

In other news, insider Jeffrey Alan Dell sold 10,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.44, for a total transaction of $574,400.00. Following the completion of the sale, the insider directly owned 155,889 shares of the company's stock, valued at $8,954,264.16. The trade was a 6.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Maclachlan sold 12,000 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the sale, the chief financial officer owned 358,902 shares in the company, valued at $20,611,741.86. This represents a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 46,000 shares of company stock worth $2,641,880. Corporate insiders own 8.90% of the company's stock.

Institutional Trading of Red Violet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDVT. Y Intercept Hong Kong Ltd boosted its holdings 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 acquiring an additional 37,653 shares during the last quarter. Madrona Financial Services LLC purchased a new stake in shares of Red Violet in the fourth quarter valued at about $2,094,000. Vanguard Group Inc. lifted its position in shares of Red Violet by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 956,443 shares of the company's stock valued at $54,469,000 after purchasing an additional 23,736 shares in the last quarter. Ashford Capital Management Inc. lifted its position in shares of Red Violet by 3.8% during the fourth quarter. Ashford Capital Management Inc. now owns 602,818 shares of the company's stock valued at $34,330,000 after purchasing an additional 22,110 shares in the last quarter. Finally, Wasatch Advisors LP boosted its holdings in Red Violet by 13.8% during 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. 63.56% of the stock is owned by 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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