Red Violet (NASDAQ:RDVT) Sets New 12-Month High – Time to Buy?

Red Violet, Inc. (NASDAQ:RDVT)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $69.82 and last traded at $69.6650, with a volume of 219387 shares trading hands. The stock had previously closed at $66.46.

Analyst Upgrades and Downgrades

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

Red Violet Trading Up 0.8%

The firm has a market cap of $964.56 million, a PE ratio of 71.21 and a beta of 1.83. The firm has a fifty day simple moving average of $59.99 and a two-hundred day simple moving average of $48.62.

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 the consensus estimate 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 for the quarter, compared to analysts’ expectations of $24.63 million. Equities analysts expect that Red Violet, Inc. will post 1.06 earnings per share for the current fiscal year.

Insider Activity at Red Violet

In other news, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Maclachlan sold 12,000 shares of Red Violet stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the sale, the chief financial officer directly owned 358,902 shares in the company, valued at $20,611,741.86. The trade was a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 46,000 shares of company stock valued at $2,641,880 in the last 90 days. 8.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Red Violet

A number of institutional investors have recently bought and sold shares of RDVT. Royal Bank of Canada boosted its position in Red Violet by 247.4% during the 4th quarter. Royal Bank of Canada now owns 282,480 shares of the company’s stock valued at $16,088,000 after acquiring an additional 201,169 shares in the last quarter. Wasatch Advisors LP lifted its stake in shares of Red Violet by 13.8% in the 1st quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock valued at $31,543,000 after purchasing an additional 110,421 shares during the period. AQR Capital Management LLC purchased a new position in shares of Red Violet in the 1st quarter valued at approximately $3,826,000. Renaissance Technologies LLC boosted its position in shares of Red Violet by 581.8% during the first quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock valued at $3,925,000 after purchasing an additional 96,810 shares in the last quarter. Finally, Ashford Capital Management Inc. boosted its position in shares of Red Violet by 13.9% during the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock valued at $23,764,000 after purchasing an additional 83,998 shares in the last quarter. 63.56% of the stock is owned by institutional investors.

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.