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

Red Violet, Inc. (NASDAQ:RDVT) hit a new 52-week high on Tuesday . The stock traded as high as $71.19 and last traded at $68.60, with a volume of 279515 shares. The stock had previously closed at $69.38.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. B. Riley Financial lifted their target price on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a research note on Friday, May 8th. Finally, Wall Street Zen cut shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.50.

Red Violet Price Performance

The company has a market cap of $967.95 million, a price-to-earnings ratio of 71.46 and a beta of 1.82. The business’s 50-day simple moving average is $60.73 and its 200-day simple moving average is $48.86.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings results 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 net margin of 14.99% and a return on equity of 14.30%. The business had revenue of $25.83 million for the quarter, compared to analyst estimates of $24.63 million. As a group, sell-side analysts forecast that Red Violet, Inc. will post 1.06 EPS for the current year.

Insider Buying and Selling

In other Red Violet news, President James Patrick Reilly 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 transaction of $689,160.00. Following the sale, the president owned 232,351 shares in the company, valued at approximately $13,343,917.93. This represents a 4.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Maclachlan sold 12,000 shares of the firm’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 transaction, the chief financial officer directly owned 358,902 shares of the company’s stock, valued at $20,611,741.86. The trade was a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 46,000 shares of company stock worth $2,641,880 in the last quarter. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its position in Red Violet by 414.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $32,000 after purchasing an additional 336 shares in the last quarter. 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 purchasing an additional 636 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Red Violet during the fourth quarter worth about $103,000. Finally, State of Alaska Department of Revenue grew its holdings 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 worth $109,000 after buying an additional 1,297 shares in the last quarter. 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.