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 Tuesday . The stock traded as high as $71.19 and last traded at $68.60, with a volume of 279515 shares trading hands. The stock had previously closed at $69.38.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RDVT. Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a report on Friday, May 8th. Finally, B. Riley Financial lifted their price target on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.50.

Red Violet Price Performance

The company has a market cap of $963.43 million, a P/E ratio of 71.13 and a beta of 1.83. The stock has a 50-day moving average of $61.41 and a 200 day moving average of $49.11.

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

Insider Activity

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

Hedge Funds Weigh In On Red Violet

Hedge funds and other institutional investors have recently modified their holdings of the business. 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 worth $309,000 after purchasing an additional 279 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Red Violet by 5.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock valued at $248,000 after purchasing an additional 312 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Red Violet by 145.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock valued at $32,000 after purchasing an additional 336 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings 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 worth $27,000 after purchasing an additional 377 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Red Violet by 4.9% during the fourth quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock worth $519,000 after purchasing an additional 426 shares during the last quarter. Institutional investors own 63.56% of the company’s stock.

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.