Red Violet (NASDAQ:RDVT) Sees Large Volume Increase – What’s Next?

Red Violet, Inc. (NASDAQ:RDVT) shares saw unusually-strong trading volume on Monday. Approximately 155,992 shares changed hands during trading, a decline of 8% from the previous session’s volume of 170,267 shares. The stock last traded at $73.7190 and had previously closed at $74.00.

Analysts Set New Price Targets

A number of brokerages have recently commented on RDVT. Needham & Company LLC began coverage on Red Violet in a report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price target for the company. Lake Street Capital raised their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Red Violet from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 21st. Wall Street Zen raised shares of Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings upgraded shares of Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $83.50.

Red Violet Price Performance

The firm has a 50 day moving average of $74.82 and a 200-day moving average of $60.77. The stock has a market capitalization of $1.18 billion, a P/E ratio of 65.73 and a beta of 1.79.

Red Violet (NASDAQ:RDVT) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping 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 company had revenue of $26.72 million during the quarter, compared to the consensus estimate of $25.62 million. As a group, equities analysts expect that Red Violet, Inc. will post 1.18 earnings per share for the current year.

Insider Activity at Red Violet

In other news, Director William Livek bought 2,000 shares of Red Violet stock in a transaction that occurred on Thursday, August 27th. The stock was purchased at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the transaction, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Red Violet

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Red Violet during the 2nd quarter valued at about $60,582,000. Wasatch Advisors LP raised its position in Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock worth $31,543,000 after purchasing an additional 110,421 shares in the last quarter. Ashford Capital Management Inc. raised its position in Red Violet by 13.9% in the first quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock worth $23,764,000 after purchasing an additional 83,998 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Red Violet by 18.4% during the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock worth $7,151,000 after purchasing an additional 32,189 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Red Violet by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock worth $5,703,000 after purchasing an additional 23,816 shares during the period. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops proprietary data analytics and information solutions for organizations in the public and private sectors. Its platforms are designed to help customers identify individuals and businesses, assess risk, detect potential fraud, and support investigative and compliance-related workflows.

The company’s primary offerings include idiCORE, a cloud-based investigative and information platform, and FOREWARN, a mobile application that provides real estate professionals with identity verification and risk assessment tools.