Red Violet (NASDAQ:RDVT) Sets New 12-Month High – What’s Next?

Red Violet, Inc. (NASDAQ:RDVT) shares reached a new 52-week high on Tuesday . The company traded as high as $64.17 and last traded at $62.6450, with a volume of 32096 shares trading hands. The stock had previously closed at $62.46.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RDVT shares. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Red Violet in a report on Friday, May 8th. Finally, Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Red Violet Price Performance

The company has a fifty day moving average price of $50.75 and a 200 day moving average price of $47.00. The company has a market cap of $924.06 million, a PE ratio of 68.22 and a beta of 1.83.

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

Insider Buying and Selling at Red Violet

In other Red Violet news, CFO Daniel Maclachlan sold 12,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the sale, the chief financial officer directly owned 358,902 shares in the company, valued at $20,611,741.86. This represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President James Patrick Reilly sold 12,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the sale, the president owned 232,351 shares of the company’s stock, valued at approximately $13,343,917.93. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 46,000 shares of company stock valued at $2,641,880 over the last ninety days. Insiders own 8.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC bought a new stake in shares of Red Violet in the 1st quarter valued at about $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 worth $248,000 after acquiring an additional 312 shares during the last quarter. Creative Planning bought a new position in Red Violet during the 2nd quarter worth approximately $338,000. JPMorgan Chase & Co. increased its stake in Red Violet by 5.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 38,120 shares of the company’s stock worth $1,876,000 after purchasing an additional 1,990 shares during the period. Finally, Legal & General Group Plc increased its stake in Red Violet by 143.5% in the 2nd 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 period. Hedge funds and other institutional investors own 63.56% of the company’s stock.

About Red Violet

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.