Red Violet (NASDAQ:RDVT) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Red Violet (NASDAQ:RDVT) posted its earnings results on Wednesday. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.06, FiscalAI reports. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. The firm had revenue of $23.39 million for the quarter, compared to the consensus estimate of $22.00 million.

Red Violet Stock Up 2.8%

RDVT stock traded up $1.25 during trading on Wednesday, hitting $45.50. The company had a trading volume of 94,411 shares, compared to its average volume of 114,304. The firm has a 50-day moving average price of $47.54 and a 200-day moving average price of $50.74. The firm has a market cap of $641.10 million, a PE ratio of 59.09 and a beta of 1.67. Red Violet has a 1-year low of $32.23 and a 1-year high of $64.14.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Red Violet from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Lake Street Capital restated a “buy” rating and set a $62.00 price target on shares of Red Violet in a research note on Thursday, November 6th. Finally, Weiss Ratings lowered Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $62.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RDVT. Vanguard Group Inc. raised its stake in shares of Red Violet by 4.2% during the third quarter. Vanguard Group Inc. now owns 932,707 shares of the company’s stock worth $48,734,000 after purchasing an additional 37,622 shares during the last quarter. Wasatch Advisors LP increased its stake in Red Violet by 10.4% in the 3rd quarter. Wasatch Advisors LP now owns 888,857 shares of the company’s stock valued at $46,443,000 after buying an additional 83,831 shares during the period. Ophir Asset Management Pty Ltd raised its position in Red Violet by 0.7% during the 4th quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company’s stock worth $36,368,000 after buying an additional 4,372 shares during the last quarter. Geode Capital Management LLC raised its position in Red Violet by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 337,481 shares of the company’s stock worth $19,224,000 after buying an additional 16,657 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Red Violet by 247.4% in the 4th quarter. Royal Bank of Canada now owns 282,480 shares of the company’s stock worth $16,088,000 after acquiring an additional 201,169 shares during the period. Institutional investors and hedge funds 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.