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

Shares of Red Violet, Inc. (NASDAQ:RDVT) hit a new 52-week high during trading on Monday . The company traded as high as $77.57 and last traded at $76.8790, with a volume of 34443 shares changing hands. The stock had previously closed at $75.02.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Needham & Company LLC began coverage on Red Violet in a research note on Tuesday, September 1st. They issued a “buy” rating and a $90.00 price objective for the company. 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 report on Tuesday, August 11th. Weiss Ratings downgraded Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Finally, B. Riley Financial boosted their price target on Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Three 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.33.

Red Violet Stock Performance

The company has a market cap of $1.22 billion, a P/E ratio of 68.04 and a beta of 1.81. The firm’s fifty day moving average is $69.53 and its two-hundred day moving average is $54.75.

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

Insider Activity

In other Red Violet news, Director William Livek bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were bought 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 of the company’s stock, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its position in shares of 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 buying an additional 377 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Red Violet by 569.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,547 shares of the company’s stock worth $88,000 after acquiring an additional 1,316 shares during the last quarter. Legal & General Group Plc purchased a new position in Red Violet during the second quarter valued at $175,000. The Manufacturers Life Insurance Company purchased a new position in Red Violet during the second quarter valued at $200,000. Finally, State of Wyoming increased its holdings in Red Violet by 5.4% in the 4th quarter. State of Wyoming now owns 5,430 shares of the company’s stock valued at $309,000 after acquiring an additional 279 shares during the last quarter. 63.56% of the stock is currently owned by institutional investors.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a technology company that provides data analytics and identity intelligence solutions. Its cloud-based platforms help organizations search, analyze and connect information from public and proprietary data sources to support investigations, risk management, fraud prevention and other decision-making processes.

The company’s products include idiCORE, an investigative and information platform designed for applications such as identity verification, collections, fraud detection and due diligence.