Red Violet (NASDAQ:RDVT) Hits New 12-Month High – Here’s What Happened

Shares of Red Violet, Inc. (NASDAQ:RDVT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $71.25 and last traded at $71.22, with a volume of 517005 shares trading hands. The stock had previously closed at $65.65.

Analysts Set New Price Targets

Several analysts have weighed in on RDVT shares. B. Riley Financial lifted their price objective on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen cut shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. 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 Wednesday, August 5th. Finally, Lake Street Capital increased their price target on Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday. 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

Red Violet Price Performance

The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 65.84 and a beta of 1.83. The firm’s 50-day simple moving average is $62.95 and its 200 day simple moving average is $49.92.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. The company had revenue of $26.72 million during the quarter, compared to analysts’ expectations of $25.62 million. Red Violet had a return on equity of 16.48% and a net margin of 16.54%. As a group, research analysts predict that Red Violet, Inc. will post 1.06 earnings per share for the current year.

Insider Activity at Red Violet

In related news, CEO Derek Dubner sold 12,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the transaction, the chief executive officer owned 557,273 shares of the company’s stock, valued at $32,004,188.39. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Alan Dell sold 10,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $57.44, for a total transaction 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. The trade was a 6.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 46,000 shares of company stock valued at $2,641,880 in the last quarter. 8.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Red Violet

A number of hedge funds and other institutional investors have recently bought and sold shares of RDVT. Globeflex Capital L P bought a new position in shares of Red Violet during the second quarter valued at $5,280,000. Bank of Nova Scotia acquired a new stake in Red Violet in the second quarter valued at $401,000. Quantbot Technologies LP acquired a new stake in Red Violet in the second quarter valued at $1,086,000. Bard Associates Inc. bought a new position in Red Violet during the 2nd quarter worth $512,000. Finally, Ieq Capital LLC bought a new position in Red Violet during the 2nd quarter worth $581,000. Institutional investors own 63.56% of the company’s stock.

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.