Red Violet (NASDAQ:RDVT) Posts Earnings Results, Beats Estimates By $0.06 EPS

Red Violet (NASDAQ:RDVT) posted its quarterly earnings data on Wednesday. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.06, FiscalAI reports. The firm had revenue of $23.39 million during the quarter, compared to analysts’ expectations of $22.00 million. Red Violet had a net margin of 12.96% and a return on equity of 12.26%.

Red Violet Trading Up 2.8%

NASDAQ:RDVT traded up $1.25 during mid-day trading on Wednesday, hitting $45.50. The stock had a trading volume of 94,411 shares, compared to its average volume of 114,304. The stock has a 50-day simple moving average of $47.54 and a two-hundred day simple moving average of $50.74. The company has a market capitalization of $641.10 million, a PE ratio of 59.09 and a beta of 1.67. Red Violet has a twelve month low of $32.23 and a twelve month high of $64.14.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Red Violet

Several large investors have recently bought and sold shares of RDVT. Caitong International Asset Management Co. Ltd lifted its holdings in Red Violet by 145.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after buying an additional 336 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Red Violet by 160.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock worth $51,000 after acquiring an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Red Violet during the 4th quarter worth about $103,000. Legal & General Group Plc lifted its stake in Red Violet by 143.5% during the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock worth $142,000 after purchasing an additional 1,702 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in Red Violet in the third quarter valued at approximately $201,000. Hedge funds and other institutional investors own 63.56% of the company’s stock.

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.