Red Violet (NASDAQ:RDVT) Trading 9% Higher on Better-Than-Expected Earnings

Shares of Red Violet, Inc. (NASDAQ:RDVT) traded up 9% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $52.72 and last traded at $49.59. 87,056 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 113,141 shares. The stock had previously closed at $45.50.

The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.06. The firm had revenue of $23.39 million during the quarter, compared to analysts’ expectations of $22.00 million. Red Violet had a return on equity of 12.26% and a net margin of 12.96%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDVT. Lake Street Capital reiterated a “buy” rating and issued a $62.00 target price on shares of Red Violet in a research report on Thursday, November 6th. Zacks Research downgraded Red Violet from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Wall Street Zen lowered Red Violet from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings lowered Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 9th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Hedge Funds Weigh In On Red Violet

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in Red Violet in the first quarter worth about $3,826,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Red Violet by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,586 shares of the company’s stock worth $248,000 after acquiring an additional 312 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Red Violet by 11.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 58,073 shares of the company’s stock worth $2,857,000 after acquiring an additional 6,036 shares in the last quarter. Aviva PLC purchased a new position in shares of Red Violet in the 2nd quarter valued at approximately $480,000. Finally, Acadian Asset Management LLC boosted its position in shares of Red Violet by 84.6% during the second quarter. Acadian Asset Management LLC now owns 71,989 shares of the company’s stock valued at $3,541,000 after purchasing an additional 32,999 shares in the last quarter. 63.56% of the stock is owned by institutional investors.

Red Violet Price Performance

The company has a 50 day moving average of $47.30 and a two-hundred day moving average of $50.70. The company has a market capitalization of $655.09 million, a PE ratio of 60.39 and a beta of 1.67.

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.