Red Violet (NASDAQ:RDVT) Sets New 1-Year High on Better-Than-Expected Earnings

Shares of Red Violet, Inc. (NASDAQ:RDVT) hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $62.49 and last traded at $60.04, with a volume of 29667 shares changing hands. The stock had previously closed at $54.53.

The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.32 by $0.07. The company had revenue of $23.08 million during the quarter, compared to analysts’ expectations of $22.64 million. Red Violet had a net margin of 12.96% and a return on equity of 12.26%.

Analyst Upgrades and Downgrades

Several analysts have commented on RDVT shares. B. Riley upped their target price on shares of Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Lake Street Capital reaffirmed a “buy” rating and issued a $62.00 price target on shares of Red Violet in a research note on Thursday. Wall Street Zen downgraded shares of Red Violet from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Red Violet in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Red Violet presently has an average rating of “Moderate Buy” and an average price target of $62.00.

Hedge Funds Weigh In On Red Violet

A number of hedge funds and other institutional investors have recently bought and sold shares of RDVT. Vanguard Group Inc. lifted its holdings in Red Violet by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 932,707 shares of the company’s stock valued at $48,734,000 after purchasing an additional 37,622 shares during the last quarter. Ashford Capital Management Inc. increased its holdings in shares of Red Violet by 1.3% in the second quarter. Ashford Capital Management Inc. now owns 593,514 shares of the company’s stock valued at $29,201,000 after purchasing an additional 7,610 shares during the last quarter. Brown Capital Management LLC raised its position in shares of Red Violet by 31.3% in the second quarter. Brown Capital Management LLC now owns 469,340 shares of the company’s stock valued at $23,092,000 after purchasing an additional 111,908 shares during the period. Geode Capital Management LLC lifted its stake in shares of Red Violet by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 273,818 shares of the company’s stock worth $13,475,000 after buying an additional 12,102 shares during the last quarter. Finally, Ophir Asset Management Pty Ltd bought a new stake in shares of Red Violet during the 2nd quarter worth about $11,892,000. Institutional investors own 63.56% of the company’s stock.

Red Violet Trading Down 2.1%

The firm has a market cap of $813.05 million, a price-to-earnings ratio of 75.59 and a beta of 1.76. The stock’s 50 day moving average is $51.91 and its 200 day moving average is $47.95.

About Red Violet

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.