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

Red Violet, Inc. (NASDAQ:RDVT) shares hit a new 52-week high on Thursday . The stock traded as high as $77.36 and last traded at $76.5690, with a volume of 150834 shares trading hands. The stock had previously closed at $71.47.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDVT. Weiss Ratings raised Red Violet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 21st. B. Riley Financial raised their price objective on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Needham & Company LLC began coverage on Red Violet in a research report on Tuesday. They set a “buy” rating and a $90.00 target price on the stock. Wall Street Zen upgraded Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Lake Street Capital boosted their price target on Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Red Violet currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.33.

Red Violet Price Performance

The stock has a fifty day moving average of $68.18 and a 200 day moving average of $53.03. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 67.98 and a beta of 1.81.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The business had revenue of $26.72 million during the quarter, compared to analysts’ expectations of $25.62 million. As a group, equities analysts expect that Red Violet, Inc. will post 1.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director William Livek bought 2,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were purchased at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the purchase, the director directly owned 22,733 shares of the company’s stock, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.90% of the stock is currently owned by company insiders.

Institutional Trading of Red Violet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDVT. Arrowstreet Capital Limited Partnership increased its stake in shares of Red Violet by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock valued at $5,703,000 after purchasing an additional 23,816 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its position in shares of Red Violet by 182.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company’s stock valued at $2,015,000 after buying an additional 37,653 shares in the last quarter. Ashford Capital Management Inc. grew its stake in Red Violet by 13.9% in the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock valued at $23,764,000 after acquiring an additional 83,998 shares during the period. Dimensional Fund Advisors LP raised its position in Red Violet by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock worth $7,151,000 after acquiring an additional 32,189 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Red Violet by 581.8% during the first quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock valued at $3,925,000 after purchasing an additional 96,810 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Company Profile

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.