Red Violet (NASDAQ:RDVT) Sees Strong Trading Volume – Here’s Why

Red Violet, Inc. (NASDAQ:RDVT) shares saw unusually-high trading volume on Thursday . 294,664 shares were traded during mid-day trading, an increase of 100% from the previous session’s volume of 147,256 shares.The stock last traded at $65.80 and had previously closed at $68.28.

Analyst Ratings Changes

Several research analysts have recently commented on RDVT shares. B. Riley Financial raised their price target on Red Violet from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Violet in a research report on Friday, May 8th. Wall Street Zen lowered shares of Red Violet from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Zacks Research cut shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.50.

Red Violet Price Performance

The firm’s 50 day simple moving average is $61.41 and its 200-day simple moving average is $49.11. The company has a market cap of $915.95 million, a price-to-earnings ratio of 67.43 and a beta of 1.83.

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

Insider Buying and Selling at Red Violet

In other news, insider Jeffrey Alan Dell sold 10,000 shares of the 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 transaction, the insider directly owned 155,889 shares of the company’s stock, valued at approximately $8,954,264.16. This represents a 6.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President James Patrick Reilly sold 12,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $57.43, for a total transaction of $689,160.00. Following the completion of the sale, the president owned 232,351 shares of the company’s stock, valued at $13,343,917.93. This trade represents a 4.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 46,000 shares of company stock valued at $2,641,880. Company insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Red Violet

Hedge funds have recently bought and sold shares of the stock. State of Wyoming increased its position in shares of Red Violet by 5.4% in the 4th quarter. State of Wyoming now owns 5,430 shares of the company’s stock worth $309,000 after purchasing an additional 279 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 purchasing an additional 312 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Red Violet by 145.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 567 shares of the company’s stock worth $32,000 after purchasing an additional 336 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Red Violet by 414.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 468 shares of the company’s stock worth $27,000 after buying an additional 377 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Red Violet by 4.9% in the 4th quarter. Deutsche Bank AG now owns 9,116 shares of the company’s stock valued at $519,000 after acquiring an additional 426 shares during the last quarter. Hedge funds and other institutional investors own 63.56% of the company’s stock.

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.