Red Violet (NASDAQ:RDVT) Reaches New 12-Month High – Here’s Why

Red Violet, Inc. (NASDAQ:RDVT)’s stock price reached a new 52-week high during trading on Monday. The company traded as high as $82.19 and last traded at $81.8640, with a volume of 35,443 shares trading hands. The stock had previously closed at $80.80.

Analyst Ratings Changes

Several research analysts recently issued reports on RDVT shares. Lake Street Capital lifted their target price on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Zacks Research lowered shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. Wall Street Zen upgraded Red Violet from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. B. Riley Financial increased their price objective on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Needham & Company LLC began coverage on shares of Red Violet in a research report on Tuesday, September 1st. They set a “buy” rating and a $90.00 price target for the company. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Red Violet Stock Performance

The stock has a market capitalization of $1.28 billion, a P/E ratio of 71.20 and a beta of 1.79. The business has a 50-day moving average price of $75.60 and a 200 day moving average price of $62.26.

Red Violet (NASDAQ:RDVT) last announced its earnings results on Monday, August 10th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.17. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The business had revenue of $26.72 million during the quarter, compared to analyst estimates of $25.62 million. As a group, research analysts forecast that Red Violet, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In related news, Director William Livek acquired 2,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $71.49 per share, with a total value of $142,980.00. Following the purchase, the director directly owned 22,733 shares of the company’s stock, valued at approximately $1,625,182.17. This trade represents a 9.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 8.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Red Violet

Large investors have recently made changes to their positions in the stock. Sterling Capital Management LLC increased its stake in shares of Red Violet by 847.5% in the third quarter. Sterling Capital Management LLC now owns 379 shares of the company’s stock worth $30,000 after acquiring an additional 339 shares during the period. Legal & General Group Plc purchased a new stake in shares of Red Violet in the 2nd quarter valued at $175,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Red Violet during the second quarter worth approximately $200,000. Bank of Nova Scotia acquired a new position in Red Violet in the second quarter valued at $401,000. Finally, Bard Associates Inc. acquired a new stake in Red Violet during the 2nd quarter worth approximately $512,000. 63.56% of the stock is owned by hedge funds and other institutional investors.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company’s products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.