Red Violet (NASDAQ:RDVT) Reaches New 1-Year High – Time to Buy?

Red Violet, Inc. (NASDAQ:RDVT) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $64.17 and last traded at $62.6450, with a volume of 32096 shares traded. The stock had previously closed at $62.46.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a report on Friday, May 8th. Finally, Wall Street Zen downgraded Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Red Violet Stock Up 0.3%

The stock has a market cap of $884.20 million, a P/E ratio of 65.28 and a beta of 1.85. The business has a 50 day moving average price of $49.79 and a 200 day moving average price of $46.87.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $24.63 million. On average, research analysts expect that Red Violet, Inc. will post 1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Red Violet news, CFO Daniel Maclachlan sold 12,000 shares of the 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 sale, the chief financial officer owned 358,902 shares in the company, valued at $20,611,741.86. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Derek Dubner sold 12,000 shares of Red Violet 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 sale, the chief executive officer owned 557,273 shares of the company’s stock, valued at approximately $32,004,188.39. This trade represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 46,000 shares of company stock worth $2,641,880. 8.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Violet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in Red Violet by 414.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in 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 in 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 worth $51,000 after acquiring an additional 636 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Red Violet during the fourth quarter worth approximately $103,000. Finally, State of Alaska Department of Revenue raised its stake in shares of Red Violet by 203.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,933 shares of the company’s stock valued at $109,000 after acquiring an additional 1,297 shares in the last quarter. 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.