Red Violet (NASDAQ:RDVT) Hits New 52-Week High – What’s Next?

Red Violet, Inc. (NASDAQ:RDVT)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $64.17 and last traded at $62.6450, with a volume of 32096 shares changing hands. The stock had previously closed at $62.46.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. 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 Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Red Violet Price Performance

The firm’s 50-day moving average price is $49.79 and its 200-day moving average price is $46.87. The stock has a market cap of $884.20 million, a P/E ratio of 65.28 and a beta of 1.85.

Red Violet (NASDAQ:RDVT) last issued its earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.14. The firm had revenue of $25.83 million during the quarter, compared to analyst estimates of $24.63 million. Red Violet had a net margin of 14.99% and a return on equity of 14.30%. Sell-side analysts expect that Red Violet, Inc. will post 1.06 earnings per share for the current year.

Insider Activity at Red Violet

In related news, President James Patrick Reilly sold 12,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the president directly owned 232,351 shares of the company’s stock, valued at approximately $13,343,917.93. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Derek Dubner sold 12,000 shares of Red Violet stock in a transaction that occurred 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 sale, the chief executive officer directly owned 557,273 shares in the company, valued at approximately $32,004,188.39. The trade was a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 46,000 shares of company stock worth $2,641,880 over the last 90 days. Company insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its stake in Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Red Violet by 145.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after buying an additional 336 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Red Violet by 160.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after buying an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Red Violet in the 4th quarter worth about $103,000. Finally, State of Alaska Department of Revenue raised its position in shares of Red Violet by 203.9% during the 4th quarter. State of Alaska Department of Revenue now owns 1,933 shares of the company’s stock valued at $109,000 after buying an additional 1,297 shares in the last quarter. 63.56% of the stock is owned by hedge funds and other institutional investors.

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.