Red Violet (NASDAQ:RDVT) Sees Large Volume Increase – Still a Buy?

Shares of Red Violet, Inc. (NASDAQ:RDVT) saw an uptick in trading volume on Thursday . 294,664 shares changed hands during trading, an increase of 100% from the previous session’s volume of 147,256 shares.The stock last traded at $65.80 and had previously closed at $68.28.

Wall Street Analysts Forecast Growth

RDVT has been the topic of a number of recent research reports. B. Riley Financial raised their price target on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Red Violet in a research note on Friday, May 8th. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Zacks Research lowered shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Two equities research 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, Red Violet presently has a consensus rating of “Moderate Buy” and an average price target of $71.50.

Red Violet Trading Down 4.9%

The company has a market cap of $915.95 million, a price-to-earnings ratio of 67.43 and a beta of 1.83. The stock has a 50 day moving average price of $61.41 and a two-hundred day moving average price of $49.11.

Red Violet (NASDAQ:RDVT) last posted its earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.14. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.The firm had revenue of $25.83 million during the quarter, compared to analysts’ expectations of $24.63 million. On average, equities analysts forecast that Red Violet, Inc. will post 1.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Red Violet news, CEO Derek Dubner sold 12,000 shares of the firm’s 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 transaction, the chief executive officer directly owned 557,273 shares in the company, valued at $32,004,188.39. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President James Patrick Reilly sold 12,000 shares of the company’s 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 sale, the president owned 232,351 shares in the company, valued at approximately $13,343,917.93. This represents a 4.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 46,000 shares of company stock valued at $2,641,880. 8.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Red Violet

A number of institutional investors have recently bought and sold shares of RDVT. State of Wyoming increased its holdings in shares of Red Violet by 5.4% during the 4th quarter. State of Wyoming now owns 5,430 shares of the company’s stock worth $309,000 after acquiring an additional 279 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Red Violet by 5.0% during the 1st 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 during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Red Violet by 145.5% in 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 during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Red Violet by 414.3% in 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 during the last quarter. Finally, Deutsche Bank AG raised its position in shares of Red Violet by 4.9% in the fourth quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock valued at $519,000 after purchasing an additional 426 shares during the period. Institutional investors and hedge funds 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.