Red Violet (NASDAQ:RDVT) Shares Down 6.3% – Should You Sell?

Shares of Red Violet, Inc. (NASDAQ:RDVT) traded down 6.3% on Friday . The company traded as low as $52.79 and last traded at $53.3650. 21,490 shares changed hands during trading, a decline of 78% from the average session volume of 97,744 shares. The stock had previously closed at $56.95.

Wall Street Analysts Forecast Growth

RDVT has been the topic of a number of research reports. Lake Street Capital reissued a “buy” rating and issued a $62.00 target price on shares of Red Violet in a research note on Thursday, November 6th. Wall Street Zen raised Red Violet from a “hold” rating to a “strong-buy” rating in a research report on Sunday, November 9th. B. Riley boosted their price objective on Red Violet from $52.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Red Violet in a research report on Monday. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $62.00.

Red Violet Price Performance

The firm has a market capitalization of $746.84 million, a PE ratio of 68.84 and a beta of 1.69. The stock has a 50-day moving average price of $55.12 and a 200-day moving average price of $50.77.

Red Violet (NASDAQ:RDVT) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. Red Violet had a return on equity of 12.26% and a net margin of 12.96%.The firm had revenue of $23.08 million during the quarter, compared to the consensus estimate of $22.64 million. As a group, equities research analysts predict that Red Violet, Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Red Violet

In related news, insider Jeffrey Alan Dell sold 4,671 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $58.11, for a total value of $271,431.81. Following the completion of the sale, the insider directly owned 161,263 shares of the company’s stock, valued at $9,370,992.93. The trade was a 2.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Derek Dubner sold 7,006 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $58.11, for a total value of $407,118.66. Following the transaction, the chief executive officer directly owned 563,994 shares in the company, valued at approximately $32,773,691.34. This represents a 1.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 55,000 shares of company stock valued at $3,182,463. 8.90% of the stock is owned by insiders.

Institutional Trading of Red Violet

Several institutional investors have recently added to or reduced their stakes in RDVT. Ophir Asset Management Pty Ltd bought a new position in Red Violet in the second quarter worth about $11,892,000. Brown Capital Management LLC boosted its position in shares of Red Violet by 31.3% during the second quarter. Brown Capital Management LLC now owns 469,340 shares of the company’s stock worth $23,092,000 after buying an additional 111,908 shares during the period. AQR Capital Management LLC bought a new position in Red Violet in the 1st quarter worth approximately $3,826,000. Wasatch Advisors LP increased its position in Red Violet by 10.4% in the 3rd quarter. Wasatch Advisors LP now owns 888,857 shares of the company’s stock valued at $46,443,000 after acquiring an additional 83,831 shares during the period. Finally, Hood River Capital Management LLC acquired a new position in shares of Red Violet during the second quarter valued at $3,235,000. Institutional investors own 63.56% of the company’s stock.

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.