Red Violet (NASDAQ:RDVT) Reaches New 52-Week High – Still a Buy?

Red Violet, Inc. (NASDAQ:RDVT)’s stock price hit a new 52-week high during trading on Thursday. The stock traded as high as $80.90 and last traded at $79.01, with a volume of 256596 shares changing hands. The stock had previously closed at $79.32.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC started coverage on shares of Red Violet in a research note on Tuesday, September 1st. They set a “buy” rating and a $90.00 target price on the stock. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, September 19th. Raymond James Financial began coverage on shares of Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price objective for the company. Zacks Research raised Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 21st. Finally, Lake Street Capital upped their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat, Red Violet has an average rating of “Buy” and a consensus price target of $83.50.

Red Violet Stock Performance

The firm has a market capitalization of $1.27 billion, a PE ratio of 70.78 and a beta of 1.78. The business’s 50 day moving average is $72.68 and its two-hundred day moving average is $57.79.

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

Insider Buying and Selling at Red Violet

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

Hedge Funds Weigh In On Red Violet

A number of large investors have recently modified their holdings of RDVT. BlackRock Inc. purchased a new position in shares of Red Violet during the second quarter valued at approximately $60,582,000. Wasatch Advisors LP boosted its stake in Red Violet by 13.8% during the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock worth $31,543,000 after acquiring an additional 110,421 shares in the last quarter. Ashford Capital Management Inc. boosted its position in shares of Red Violet by 13.9% in the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock worth $23,764,000 after purchasing an additional 83,998 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Red Violet by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 206,698 shares of the company’s stock worth $7,151,000 after acquiring an additional 32,189 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Red Violet by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock worth $5,703,000 after buying an additional 23,816 shares during the last quarter. 63.56% of the stock is owned by hedge funds and other institutional investors.

Red Violet Company Profile

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops proprietary data analytics and information solutions for organizations in the public and private sectors. Its platforms are designed to help customers identify individuals and businesses, assess risk, detect potential fraud, and support investigative and compliance-related workflows.

The company’s primary offerings include idiCORE, a cloud-based investigative and information platform, and FOREWARN, a mobile application that provides real estate professionals with identity verification and risk assessment tools.