Red Violet (NASDAQ:RDVT) Releases Earnings Results, Beats Expectations By $0.07 EPS

Red Violet (NASDAQ:RDVT) released its earnings results on Wednesday. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07, FiscalAI reports. Red Violet had a return on equity of 9.89% and a net margin of 10.57%.The company had revenue of $23.08 million during the quarter, compared to analyst estimates of $22.64 million.

Red Violet Stock Up 9.1%

Shares of NASDAQ:RDVT traded up $4.97 during trading on Thursday, hitting $59.50. The stock had a trading volume of 150,894 shares, compared to its average volume of 98,544. Red Violet has a 12 month low of $32.23 and a 12 month high of $64.14. The company has a market capitalization of $831.75 million, a PE ratio of 99.17 and a beta of 1.76. The firm’s fifty day moving average is $51.58 and its 200 day moving average is $47.71.

Institutional Trading of Red Violet

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. purchased a new stake in shares of Red Violet in the 3rd quarter worth approximately $201,000. Osaic Holdings Inc. grew its stake in shares of Red Violet by 12.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,486 shares of the company’s stock worth $221,000 after buying an additional 500 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Red Violet by 160.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after buying an additional 636 shares during the last quarter. Tidal Investments LLC purchased a new stake in shares of Red Violet in the 2nd quarter worth approximately $277,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Red Violet by 89.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 20,549 shares of the company’s stock worth $1,011,000 after buying an additional 9,729 shares during the last quarter. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RDVT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Red Violet in a research note on Wednesday, October 8th. Wall Street Zen lowered Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Lake Street Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Red Violet in a research report on Thursday. Finally, B. Riley upped their price target on Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $62.00.

About Red Violet

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.