Red Violet (NASDAQ:RDVT) Hits New 1-Year High – Here’s What Happened

Red Violet, Inc. (NASDAQ:RDVT)’s stock price hit a new 52-week high on Friday. The company traded as high as $80.30 and last traded at $80.1030, with a volume of 12031 shares traded. The stock had previously closed at $79.06.

Wall Street Analyst Weigh In

RDVT has been the topic of a number of recent analyst reports. Raymond James Financial initiated coverage on shares of Red Violet in a report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price target on the stock. Wall Street Zen cut shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, September 19th. Lake Street Capital increased their price objective on shares of Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. B. Riley Financial raised their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Weiss Ratings downgraded shares of Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $83.50.

Red Violet Stock Down 1.5%

The business has a fifty day simple moving average of $70.82 and a two-hundred day simple moving average of $56.33. The company has a market cap of $1.25 billion, a P/E ratio of 69.59 and a beta of 1.81.

Red Violet (NASDAQ:RDVT) last announced its earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.17. The business had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $25.62 million. Red Violet had a return on equity of 16.12% and a net margin of 16.54%. On average, equities analysts predict that Red Violet, Inc. will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling at Red Violet

In other Red Violet news, Director William Livek acquired 2,000 shares of the company’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 completion of the acquisition, the director owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.90% of the stock is owned by company insiders.

Institutional Trading of Red Violet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in 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 stake in shares of Red Violet by 569.7% during the 4th 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 shares of Red Violet during the 2nd quarter worth $175,000. The Manufacturers Life Insurance Company bought a new stake in shares of Red Violet during the 2nd quarter valued at $200,000. Finally, State of Wyoming grew its position 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 valued at $309,000 after acquiring an additional 279 shares during the period. 63.56% of the stock is owned by hedge funds and other institutional investors.

Red Violet Company Profile

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.