Red Violet (NASDAQ:RDVT) Hits New 12-Month High – Here’s What Happened

Red Violet, Inc. (NASDAQ:RDVT)’s share price hit a new 52-week high on Monday . The stock traded as high as $68.28 and last traded at $68.5010, with a volume of 72036 shares traded. The stock had previously closed at $65.52.

Analysts Set New Price Targets

Several equities analysts have recently commented on RDVT shares. Wall Street Zen raised Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a research note on Friday, May 8th. Finally, Zacks Research cut Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Red Violet currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Red Violet Stock Up 5.5%

The business’s fifty day moving average is $51.72 and its two-hundred day moving average is $47.17. The stock has a market cap of $975.27 million, a price-to-earnings ratio of 71.73 and a beta of 1.83.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.32 by $0.14. The company had revenue of $25.83 million during the quarter, compared to analysts’ expectations of $24.63 million. Red Violet had a net margin of 14.99% and a return on equity of 14.30%. As a group, sell-side analysts expect that Red Violet, Inc. will post 1.06 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel Maclachlan sold 12,000 shares of Red Violet stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total value of $689,160.00. Following the completion of the transaction, the chief financial officer directly owned 358,902 shares in the company, valued at approximately $20,611,741.86. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President James Patrick Reilly sold 12,000 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $57.43, for a total value of $689,160.00. Following the transaction, the president directly owned 232,351 shares of the company’s stock, valued at $13,343,917.93. The trade was a 4.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 46,000 shares of company stock valued at $2,641,880 in the last three months. 8.90% of the stock is currently owned by insiders.

Institutional Trading of Red Violet

Several hedge funds have recently added to or reduced their stakes in RDVT. Ashford Capital Management Inc. lifted its stake 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 acquiring an additional 83,998 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Red Violet in the 1st quarter valued at approximately $526,000. Renaissance Technologies LLC raised its holdings in shares of Red Violet by 581.8% in the 1st quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock valued at $3,925,000 after purchasing an additional 96,810 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Red Violet by 16.9% during the 1st 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Red Violet by 18.4% during the 1st 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 last quarter. Institutional investors and hedge funds 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.