Red Violet (NASDAQ:RDVT) Reaches New 1-Year High – Here’s Why

Red Violet, Inc. (NASDAQ:RDVT)’s stock price reached a new 52-week high on Monday. The stock traded as high as $82.19 and last traded at $81.8640, with a volume of 35,443 shares trading hands. The stock had previously closed at $80.80.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. B. Riley Financial raised their target price on shares of 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 assumed coverage on Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price objective for the company. Raymond James Financial started coverage on shares of Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price target on the stock. Wall Street Zen upgraded Red Violet from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Lake Street Capital raised their target price on Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $83.50.

Red Violet Trading Up 1.6%

The business has a 50-day moving average of $75.94 and a 200-day moving average of $56.67.

Red Violet (NASDAQ:RDVT) last issued its earnings results on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.17. The firm had revenue of $26.72 million during the quarter, compared to analyst estimates of $25.62 million. Equities analysts forecast that Red Violet, Inc. will post 1.18 EPS for the current year.

Insider Buying and Selling

In other Red Violet news, Director William Livek acquired 2,000 shares of Red Violet stock in a transaction that occurred on Thursday, August 27th. The stock was acquired at an average price of $71.49 per share, with a total value of $142,980.00. Following the purchase, the director owned 22,733 shares in the company, valued at approximately $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Red Violet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new position in shares of Red Violet in the second quarter worth about $1,180,000. Bank of New York Mellon Corp acquired a new stake in Red Violet during the second quarter worth $2,323,000. Arrowstreet Capital Limited Partnership raised its position in Red Violet by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock worth $5,703,000 after purchasing an additional 23,816 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Red Violet by 182.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company’s stock valued at $2,015,000 after purchasing an additional 37,653 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its position in shares of Red Violet by 273.5% during the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company’s stock worth $1,385,000 after buying an additional 15,912 shares during the period. 63.56% of the stock is currently owned by institutional investors and hedge funds.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company’s products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.