Identity analytics platform Red Violet's Q3 revenue beats estimates

Overview

• Red Violet Q3 revenue increased 21% to $23.1 mln, beating analyst expectations

• Net income for Q3 rose 145% to $4.2 mln, reflecting strong financial performance

• Company increased share repurchase program by $15 mln, indicating financial confidence

Outlook

• Company did not provide specific future financial guidance

Result Drivers

• SOLUTION ADOPTION - Accelerating adoption of analytics solutions across industries drove revenue growth

• CUSTOMER EXPANSION - Added 304 customers to IDI and 25,538 users to FOREWARN, boosting customer base

• PRODUCT INNOVATION - Continued investment in product innovation and AI initiatives supports market leadership

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Red Violet Inc is $61.00, about 14.5% above its November 4 closing price of $52.18

• The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 39 three months ago

Press Release: ID:nGNX89xz1l

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)