Red Violet (NASDAQ:RDVT) Issues Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Red Violet (NASDAQ:RDVT) posted its quarterly earnings data on Monday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17, FiscalAI reports. The company had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a net margin of 14.99% and a return on equity of 14.30%.

Red Violet Price Performance

Shares of RDVT stock traded up $4.31 during trading hours on Tuesday, hitting $69.96. The stock had a trading volume of 52,218 shares, compared to its average volume of 154,822. The firm has a market capitalization of $988.51 million, a PE ratio of 72.78 and a beta of 1.82. The stock’s 50 day moving average is $61.96 and its 200 day moving average is $49.46. Red Violet has a twelve month low of $33.40 and a twelve month high of $71.19.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Red Violet in a research note on Wednesday, August 5th. B. Riley Financial raised their price target on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Lake Street Capital restated a “buy” rating on shares of Red Violet in a report on Tuesday. Finally, Wall Street Zen downgraded Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $71.50.

Insider Buying and Selling at Red Violet

In other Red Violet news, President James Patrick Reilly sold 12,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the transaction, the president directly owned 232,351 shares of the company’s stock, valued at approximately $13,343,917.93. The trade was a 4.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Derek Dubner sold 12,000 shares of Red Violet stock in a transaction dated 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 executive officer directly owned 557,273 shares in the company, valued at approximately $32,004,188.39. The trade was a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 46,000 shares of company stock valued at $2,641,880. Insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its position in Red Violet by 145.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after buying an additional 336 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Red Violet by 160.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after acquiring an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Red Violet in the 4th quarter worth approximately $103,000. Legal & General Group Plc grew its holdings in shares of Red Violet by 143.5% in the 2nd quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock worth $142,000 after acquiring an additional 1,702 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new position in Red Violet in the 3rd quarter valued at approximately $201,000. Hedge funds and other institutional investors own 63.56% of the company’s stock.

About Red Violet

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.