Red Violet (NASDAQ:RDVT) Hits New 12-Month High – Still a Buy?

Red Violet, Inc. (NASDAQ:RDVT) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $69.65 and last traded at $68.99, with a volume of 17277 shares changing hands. The stock had previously closed at $68.45.

Analyst Upgrades and Downgrades

RDVT has been the subject of several research analyst reports. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Wall Street Zen upgraded shares of Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Red Violet currently has an average rating of “Moderate Buy” and an average price target of $62.00.

Red Violet Trading Up 0.4%

The firm has a fifty day moving average of $55.28 and a two-hundred day moving average of $47.68. The company has a market cap of $969.22 million, a PE ratio of 71.68 and a beta of 1.83.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.32 by $0.14. The business had revenue of $25.83 million for the quarter, compared to the consensus estimate 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 EPS for the current fiscal year.

Insider Buying and Selling at Red Violet

In related news, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.44, for a total value of $574,400.00. Following the completion of the transaction, the insider directly owned 155,889 shares of the company’s stock, valued at approximately $8,954,264.16. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Maclachlan sold 12,000 shares of Red Violet stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the transaction, the chief financial officer owned 358,902 shares of the company’s stock, valued at $20,611,741.86. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 owned by corporate insiders.

Institutional Trading of Red Violet

A number of hedge funds and other institutional investors have recently made changes to their positions in RDVT. AQR Capital Management LLC bought a new position in Red Violet in the 1st quarter worth about $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Red Violet by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock worth $248,000 after buying an additional 312 shares in the last quarter. Creative Planning purchased a new stake in shares of Red Violet in the second quarter worth about $338,000. JPMorgan Chase & Co. boosted its position in shares of Red Violet by 5.5% in the second quarter. JPMorgan Chase & Co. now owns 38,120 shares of the company’s stock valued at $1,876,000 after acquiring an additional 1,990 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Red Violet by 143.5% in the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock valued at $142,000 after acquiring an additional 1,702 shares during the period. 63.56% of the stock is currently owned by 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.