Red Violet (NASDAQ:RDVT) Hits New 52-Week High - Here's What Happened

Key Points

• Red Violet shares hit a new 52-week high of $69.82, last trading at $69.6650—up 4.8% from the prior close—with 219,387 shares changing hands.
• The company’s latest quarterly results exceeded expectations, reporting EPS of $0.46 versus a $0.32 estimate and revenue of $25.83 million versus $24.63 million expected.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating but an average price target of $62.00; meanwhile, insiders sold 46,000 shares worth approximately $2.64 million over the past three months.

Red Violet, Inc. (NASDAQ:RDVT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $69.82 and last traded at $69.6650, with a volume of 219387 shares trading hands. The stock had previously closed at $66.46.

Analysts Set New Price Targets

RDVT has been the subject of a number of research reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Red Violet in a research note on Friday, May 8th. Zacks Research cut Red Violet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded Red Violet from a "buy" rating to a "hold" rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Red Violet has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Red Violet Stock Up 4.8%

The stock's fifty day simple moving average is $59.23 and its two-hundred day simple moving average is $48.40. The firm has a market cap of $982.30 million, a PE ratio of 72.57 and a beta of 1.83.

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

Insider Buying and Selling

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of Red Violet stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.44, for a total transaction of $574,400.00. Following the completion of the transaction, the insider owned 155,889 shares in the company, valued at approximately $8,954,264.16. The trade was a 6.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Derek Dubner sold 12,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the sale, the chief executive officer directly owned 557,273 shares in the company, valued at $32,004,188.39. This trade represents a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,000 shares of company stock worth $2,641,880 over the last three months. 8.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Violet

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in Red Violet by 414.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company's stock worth $27,000 after buying an additional 377 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Red Violet by 145.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company's stock valued at $32,000 after buying an additional 336 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Red Violet by 160.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company's stock valued at $51,000 after acquiring an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Red Violet during the fourth quarter valued at approximately $103,000. Finally, State of Alaska Department of Revenue raised its holdings in Red Violet by 203.9% in the 4th quarter. State of Alaska Department of Revenue now owns 1,933 shares of the company's stock worth $109,000 after acquiring an additional 1,297 shares during the last quarter. Institutional investors own 63.56% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.