Red Violet (NASDAQ:RDVT) Shares Up 9% After Earnings Beat

Red Violet, Inc. (NASDAQ:RDVT) shot up 9% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $52.72 and last traded at $49.59. 87,056 shares traded hands during 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 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.06. The firm had revenue of $23.39 million for the quarter, compared to analyst estimates of $22.00 million. Red Violet had a return on equity of 12.88% and a net margin of 14.57%.

Analyst Upgrades and Downgrades

RDVT has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Red Violet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 9th. Zacks Research downgraded shares of Red Violet from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Finally, Wall Street Zen lowered shares of Red Violet from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.00.

Institutional Investors Weigh In On Red Violet

Several large investors have recently added to or reduced their stakes in RDVT. Vanguard Group Inc. lifted its stake in Red Violet by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 956,443 shares of the company’s stock valued at $54,469,000 after buying an additional 23,736 shares during the period. Wasatch Advisors LP boosted its holdings in shares of Red Violet by 10.4% during the 3rd quarter. Wasatch Advisors LP now owns 888,857 shares of the company’s stock worth $46,443,000 after buying an additional 83,831 shares in the last quarter. Ophir Asset Management Pty Ltd grew its position in shares of Red Violet by 0.7% during the 4th quarter. Ophir Asset Management Pty Ltd now owns 638,598 shares of the company’s stock worth $36,368,000 after buying an additional 4,372 shares during the period. Ashford Capital Management Inc. increased its stake in shares of Red Violet by 3.8% in the 4th quarter. Ashford Capital Management Inc. now owns 602,818 shares of the company’s stock valued at $34,330,000 after acquiring an additional 22,110 shares in the last quarter. Finally, Brown Capital Management LLC increased its stake in shares of Red Violet by 31.3% in the 2nd quarter. Brown Capital Management LLC now owns 469,340 shares of the company’s stock valued at $23,092,000 after acquiring an additional 111,908 shares in the last quarter. Institutional investors and hedge funds own 63.56% of the company’s stock.

Red Violet Trading Down 2.8%

The company has a market cap of $634.67 million, a price-to-earnings ratio of 49.98 and a beta of 1.67. The stock’s 50-day moving average is $46.86 and its 200-day moving average is $50.68.

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.