Red Violet (NASDAQ:RDVT) Reaches New 52-Week High – Here’s Why

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

Analyst Ratings Changes

Several research analysts have weighed in on RDVT shares. Zacks Research lowered shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a research report on Friday, May 8th. Finally, Wall Street Zen upgraded Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Two investment 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, Red Violet has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

Red Violet Price Performance

The company has a 50-day simple moving average of $56.29 and a two-hundred day simple moving average of $47.82. The stock has a market capitalization of $935.63 million, a price-to-earnings ratio of 69.07 and a beta of 1.83.

Red Violet (NASDAQ:RDVT) last announced its quarterly 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. Red Violet had a net margin of 14.99% and a return on equity of 14.30%. The company had revenue of $25.83 million during the quarter, compared to the consensus estimate of $24.63 million. Research analysts anticipate that Red Violet, Inc. will post 1.06 EPS for the current year.

Insider Activity

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.44, for a total value 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. This represents a 6.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Maclachlan sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were 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. The trade was a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 46,000 shares of company stock valued at $2,641,880. Company insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Several hedge funds have recently added to or reduced their stakes in RDVT. State of Wyoming grew its position in Red Violet by 5.4% in the 4th quarter. State of Wyoming now owns 5,430 shares of the company’s stock valued at $309,000 after buying an additional 279 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Red Violet by 5.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock worth $248,000 after buying an additional 312 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in shares of Red Violet by 145.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after acquiring an additional 336 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Red Violet by 414.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Red Violet by 4.9% in the fourth quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock valued at $519,000 after acquiring an additional 426 shares in 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.