Red Violet (NASDAQ:RDVT) Hits New 12-Month High – Should You Buy?

Shares of Red Violet, Inc. (NASDAQ:RDVT) reached a new 52-week high on Monday . The stock traded as high as $77.57 and last traded at $76.8790, with a volume of 34443 shares. The stock had previously closed at $75.02.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Needham & Company LLC began coverage on shares of Red Violet in a research report on Tuesday, September 1st. They issued a “buy” rating and a $90.00 target price for the company. Wall Street Zen raised shares of Red Violet from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings cut shares of Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Lake Street Capital raised their price objective on shares of Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Finally, B. Riley Financial boosted their target price on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Red Violet currently has an average rating of “Moderate Buy” and an average price target of $81.33.

Red Violet Stock Up 4.4%

The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 69.85 and a beta of 1.81. The firm’s 50 day moving average is $69.20 and its 200 day moving average is $54.27.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.17. The firm had revenue of $26.72 million for the quarter, compared to analyst estimates of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. On average, sell-side analysts predict that Red Violet, Inc. will post 1.16 earnings per share for the current year.

Insider Activity

In related news, Director William Livek bought 2,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were bought at an average cost of $71.49 per share, with a total value of $142,980.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available at this link. 8.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Violet

A number of hedge funds and other institutional investors have recently modified their holdings of RDVT. State of Wyoming grew its holdings in shares of Red Violet by 5.4% during the 4th quarter. State of Wyoming now owns 5,430 shares of the company’s stock valued at $309,000 after acquiring an additional 279 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Red Violet by 5.0% during the first 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 in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Red Violet by 145.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after acquiring an additional 336 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Red Violet by 414.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Red Violet by 4.9% during the fourth quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock valued at $519,000 after purchasing an additional 426 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 technology company that provides data analytics and identity intelligence solutions. Its cloud-based platforms help organizations search, analyze and connect information from public and proprietary data sources to support investigations, risk management, fraud prevention and other decision-making processes.

The company’s products include idiCORE, an investigative and information platform designed for applications such as identity verification, collections, fraud detection and due diligence.