Red Violet (NASDAQ:RDVT) Hits New 52-Week High – Here’s What Happened

Red Violet, Inc. (NASDAQ:RDVT) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $69.82 and last traded at $69.6650, with a volume of 219387 shares trading hands. The stock had previously closed at $66.46.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RDVT shares. Weiss Ratings restated a “hold (c+)” rating on shares of Red Violet in a research note on Friday, May 8th. Zacks Research cut Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded Red Violet from a “buy” rating to a “hold” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $62.00.

Red Violet Stock Performance

The firm has a fifty day moving average price of $59.23 and a two-hundred day moving average price of $48.40. The stock has a market capitalization of $982.30 million, a P/E ratio of 72.57 and a beta of 1.83.

Red Violet (NASDAQ:RDVT) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.14. Red Violet had a return on equity of 14.30% and a net margin of 14.99%.The firm had revenue of $25.83 million for the quarter, compared to the consensus estimate of $24.63 million. On average, research analysts anticipate that Red Violet, Inc. will post 1.06 earnings per share for the current fiscal year.

Insider Transactions at Red Violet

In other Red Violet news, insider Jeffrey Alan Dell sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was 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 of the company’s stock, valued at approximately $8,954,264.16. This trade represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President James Patrick Reilly sold 12,000 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total value 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. This represents a 4.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 46,000 shares of company stock worth $2,641,880 in the last ninety days. Insiders own 8.90% of the company’s stock.

Institutional Trading of Red Violet

Several large investors have recently added to or reduced their stakes in RDVT. Vanguard Group Inc. increased its holdings in Red Violet by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 956,443 shares of the company’s stock valued at $54,469,000 after buying an additional 23,736 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Red Violet by 13.8% during the 1st 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 during the last quarter. Ashford Capital Management Inc. grew its position in shares of Red Violet by 13.9% during the 1st quarter. Ashford Capital Management Inc. now owns 686,816 shares of the company’s stock valued at $23,764,000 after acquiring an additional 83,998 shares during the period. Ophir Asset Management Pty Ltd grew its position in shares of Red Violet by 0.7% during the 4th quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company’s stock valued at $36,368,000 after acquiring an additional 4,372 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Red Violet by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 337,481 shares of the company’s stock worth $19,224,000 after purchasing an additional 16,657 shares in the last quarter. 63.56% of the stock is currently 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.