Red Violet (NASDAQ:RDVT) Trading 6.3% Higher on Earnings Beat

Shares of Red Violet, Inc. (NASDAQ:RDVT) were up 6.3% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $70.68 and last traded at $69.7850. 52,218 shares changed hands during trading, a decline of 66% from the average daily volume of 154,822 shares. The stock had previously closed at $65.65.

The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.17. The business had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $25.62 million. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.

Analysts Set New Price Targets

RDVT has been the subject of a number of research reports. B. Riley Financial upped their target price on shares of Red Violet from $65.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Lake Street Capital reaffirmed a “buy” rating on shares of Red Violet in a report on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Violet in a research note on Wednesday, August 5th. Zacks Research lowered Red Violet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Wall Street Zen lowered Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Red Violet presently has an average rating of “Moderate Buy” and a consensus price target of $71.50.

Insider Buying and Selling

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.44, for a total value of $574,400.00. Following the transaction, the insider directly owned 155,889 shares in the company, valued at approximately $8,954,264.16. This represents a 6.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Derek Dubner sold 12,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $57.43, for a total transaction of $689,160.00. Following the sale, the chief executive officer directly owned 557,273 shares in the company, valued at $32,004,188.39. This represents a 2.11% 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 worth $2,641,880 in the last 90 days. Corporate insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Red Violet in the 2nd quarter valued at $60,582,000. Royal Bank of Canada grew its position in shares of Red Violet by 247.4% in the fourth quarter. Royal Bank of Canada now owns 282,480 shares of the company’s stock valued at $16,088,000 after purchasing an additional 201,169 shares during the period. Wasatch Advisors LP increased its stake in Red Violet by 13.8% in the first quarter. Wasatch Advisors LP now owns 911,636 shares of the company’s stock valued at $31,543,000 after purchasing an additional 110,421 shares during the last quarter. AQR Capital Management LLC acquired a new position in Red Violet in the first quarter valued at $3,826,000. Finally, Renaissance Technologies LLC lifted its position in Red Violet by 581.8% during the first quarter. Renaissance Technologies LLC now owns 113,450 shares of the company’s stock worth $3,925,000 after buying an additional 96,810 shares during the period. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Price Performance

The company has a 50-day moving average of $61.96 and a two-hundred day moving average of $49.46. The stock has a market capitalization of $987.98 million, a PE ratio of 72.84 and a beta of 1.82.

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.