Red Violet (NASDAQ:RDVT) Announces Earnings Results

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

Red Violet Price Performance

Shares of NASDAQ RDVT opened at $69.74 on Tuesday. The firm’s 50-day moving average is $61.96 and its two-hundred day moving average is $49.46. The company has a market capitalization of $985.37 million, a PE ratio of 72.64 and a beta of 1.82. Red Violet has a 12-month low of $33.40 and a 12-month high of $71.19.

Insider Buying and Selling

In other news, President James Patrick Reilly sold 12,000 shares of the business’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 completion of the transaction, the president directly owned 232,351 shares of the company’s stock, valued at $13,343,917.93. The trade was a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel Maclachlan sold 12,000 shares of the business’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 completion of the transaction, the chief financial officer directly owned 358,902 shares of the company’s stock, valued at approximately $20,611,741.86. This trade represents a 3.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 46,000 shares of company stock valued at $2,641,880. 8.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RDVT. Caitong International Asset Management Co. Ltd boosted its stake in shares of Red Violet by 145.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after purchasing an additional 336 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake 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 valued at $51,000 after buying an additional 636 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Red Violet during the fourth quarter valued at approximately $103,000. Legal & General Group Plc boosted its position in Red Violet by 143.5% during the second 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 last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in Red Violet during the third quarter worth approximately $201,000. Institutional investors and hedge funds own 63.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RDVT. Wall Street Zen downgraded shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. B. Riley Financial lifted their price target on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Red Violet in a research note on Wednesday, August 5th. Two equities research 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 currently has an average rating of “Moderate Buy” and a consensus price target of $71.50.

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.