Red Violet (NASDAQ:RDVT) Sees Unusually-High Trading Volume – Here’s What Happened

Red Violet, Inc. (NASDAQ:RDVT) shares saw unusually-strong trading volume on Monday. 155,992 shares were traded during mid-day trading, a decline of 8% from the previous session’s volume of 170,267 shares. The stock last traded at $73.7190 and had previously closed at $74.00.

Analysts Set New Price Targets

A number of brokerages have weighed in on RDVT. Zacks Research upgraded Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 21st. Wall Street Zen raised shares of Red Violet from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Lake Street Capital raised their price objective on shares of Red Violet from $62.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Weiss Ratings raised Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 13th. Finally, Raymond James Financial initiated coverage on Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $83.50.

Red Violet Price Performance

The stock’s 50 day simple moving average is $74.82 and its two-hundred day simple moving average is $60.77. The stock has a market cap of $1.18 billion, a P/E ratio of 65.73 and a beta of 1.79.

Red Violet (NASDAQ:RDVT) last announced its earnings results on Monday, August 10th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.33 by $0.17. The business had revenue of $26.72 million during the quarter, compared to analysts’ expectations of $25.62 million. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. As a group, analysts forecast that Red Violet, Inc. will post 1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William Livek bought 2,000 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were purchased at an average price of $71.49 per share, with a total value of $142,980.00. Following the transaction, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Red Violet

Several large investors have recently modified their holdings of RDVT. Bank of America Corp DE purchased a new position in shares of Red Violet in the 2nd quarter valued at approximately $1,180,000. Bank of New York Mellon Corp bought a new position in shares of Red Violet in the second quarter worth about $2,323,000. Y Intercept Hong Kong Ltd lifted its position in shares of Red Violet by 182.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 58,240 shares of the company’s stock valued at $2,015,000 after buying an additional 37,653 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Red Violet by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,818 shares of the company’s stock valued at $5,703,000 after buying an additional 23,816 shares in the last quarter. Finally, Susquehanna International Group LLP grew its stake in shares of Red Violet by 273.5% during the 2nd quarter. Susquehanna International Group LLP now owns 21,729 shares of the company’s stock valued at $1,385,000 after acquiring an additional 15,912 shares during the period. Hedge funds and other institutional investors own 63.56% of the company’s stock.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops proprietary data analytics and information solutions for organizations in the public and private sectors. Its platforms are designed to help customers identify individuals and businesses, assess risk, detect potential fraud, and support investigative and compliance-related workflows.

The company’s primary offerings include idiCORE, a cloud-based investigative and information platform, and FOREWARN, a mobile application that provides real estate professionals with identity verification and risk assessment tools.