Red Violet (NASDAQ:RDVT) Announces Earnings Results

Red Violet (NASDAQ:RDVT) announced its quarterly earnings results on Monday. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.17, FiscalAI reports. The firm had revenue of $26.72 million for the quarter, compared to the consensus estimate of $25.62 million. Red Violet had a net margin of 14.99% and a return on equity of 14.30%.

Red Violet Trading Up 3.2%

Shares of NASDAQ:RDVT opened at $67.78 on Tuesday. Red Violet has a 12 month low of $33.40 and a 12 month high of $71.19. The company has a market capitalization of $957.77 million, a price-to-earnings ratio of 71.44 and a beta of 1.82. The firm’s 50-day moving average is $61.96 and its 200 day moving average is $49.46.

Analysts Set New Price Targets

RDVT has been the topic of several recent analyst reports. B. Riley Financial raised their price objective on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a report on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.50.

Insider Activity

In related news, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $57.44, for a total transaction of $574,400.00. Following the completion of the sale, the insider directly owned 155,889 shares of the company’s stock, valued at approximately $8,954,264.16. This trade represents a 6.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Maclachlan sold 12,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were 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 $20,611,741.86. This trade represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 46,000 shares of company stock worth $2,641,880 in the last ninety days. 8.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Violet

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its position in shares of 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Red Violet by 160.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,032 shares of the company’s stock valued at $51,000 after purchasing an additional 636 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Red Violet during the fourth quarter valued at approximately $103,000. Legal & General Group Plc increased its holdings in Red Violet by 143.5% during the second quarter. Legal & General Group Plc now owns 2,888 shares of the company’s stock valued at $142,000 after buying an additional 1,702 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new position in Red Violet during the third quarter valued at approximately $201,000. 63.56% of the stock is owned by institutional investors.

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.