Red Violet (NASDAQ:RDVT) Stock Price Up 9% Following Earnings Beat

Shares of Red Violet, Inc. (NASDAQ:RDVT) traded up 9% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $52.72 and last traded at $49.59. 87,056 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 113,141 shares. The stock had previously closed at $45.50.

The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.06. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. The firm had revenue of $23.39 million during the quarter, compared to analyst estimates of $22.00 million.

Wall Street Analyst Weigh In

Several research firms have commented on RDVT. Wall Street Zen lowered shares of Red Violet from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Weiss Ratings lowered Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, February 9th. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Finally, Lake Street Capital restated a “buy” rating and issued a $62.00 price objective on shares of Red Violet in a research note on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Institutional Investors Weigh In On Red Violet

Several large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in shares of Red Violet during the first quarter worth $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 acquiring an additional 312 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Red Violet by 11.6% during the second quarter. Los Angeles Capital Management LLC now owns 58,073 shares of the company’s stock worth $2,857,000 after purchasing an additional 6,036 shares in the last quarter. Aviva PLC purchased a new position in Red Violet in the 2nd quarter worth approximately $480,000. Finally, Acadian Asset Management LLC raised its position in shares of Red Violet by 84.6% during the 2nd quarter. Acadian Asset Management LLC now owns 71,989 shares of the company’s stock valued at $3,541,000 after buying an additional 32,999 shares in the last quarter. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Red Violet Trading Up 2.2%

The business’s fifty day moving average price is $47.30 and its 200-day moving average price is $50.70. The company has a market capitalization of $655.09 million, a P/E ratio of 60.39 and a beta of 1.67.

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.