Welcome to our dedicated page for Red Violet news (Ticker: RDVT), a resource for investors and traders seeking the latest updates and insights on Red Violet stock.
Red Violet, Inc. (NASDAQ: RDVT) is a leading software and services company specializing in big data analysis. At the core of its operations is the CORE™ data fusion platform, which transforms vast amounts of data into meaningful intelligence for enterprises across various industries. Red Violet offers cloud-based, mission-critical information solutions, empowering organizations with insights into individuals, businesses, and assets.
Founded with a belief that time is the most valuable asset, Red Violet utilizes cutting-edge proprietary technology and a comprehensive data repository to provide real-time intelligence. This enables clients to efficiently manage risk, conduct investigations, detect and prevent fraud, and ensure regulatory compliance. Notable brands under Red Violet include IDI and FOREWARN.
Red Violet has demonstrated robust financial performance, achieving record revenues and earnings. For instance, in the third quarter of 2023, the company reported record revenue of $15.8 million and an EPS of $0.87. This growth highlights the company's strong value proposition and the increasing demand for its advanced data solutions, even amidst broader economic challenges.
Recent developments include strategic partnerships, such as with MLS United to enhance real estate agent safety through FOREWARN services. Additionally, Red Violet has seen a significant increase in its share repurchase program, reaffirming management's confidence in the company's future prospects.
Overall, Red Violet’s solutions are pivotal in promoting safer business practices, reducing operational costs, and enabling smarter decision-making through data-driven insights.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with Bluegrass REALTORS®, Kentucky's second-largest local REALTOR® Association, to provide its risk mitigation services to over 4,000 real estate professionals. The service will be offered at no additional cost to individual agents throughout Central and Southern Kentucky.
FOREWARN's platform analyzes billions of data points to help agents verify client identities, search criminal histories, and validate information using just a phone number. This partnership aims to enhance agent safety and combat fraud through streamlined identity verification, allowing agents to plan showings with greater confidence.
Red Violet (NASDAQ: RDVT) has declared a special cash dividend of $0.30 per share, payable on February 14, 2025, to shareholders of record as of January 31, 2025. The total dividend payment will be approximately $4.2 million. The company has demonstrated strong operational performance and cash flow generation, enabling continued investments in innovation and market expansion. Under its Stock Repurchase Program, Red Violet has repurchased 538,484 shares at an average price of $19.36 per share, totaling $10.4 million, with $4.6 million remaining in the program.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with MetroTex Association of REALTORS®, the 5th largest local REALTOR® Association in the US, to provide its risk mitigation services to over 25,000 members in the Dallas-Fort Worth area. The service, available online and via mobile app, will be offered at no additional cost to individual agents. FOREWARN analyzes billions of data points to help agents verify identities, search criminal histories, and validate potential client information using just phone numbers, enabling safer property showings.
Red Violet (NASDAQ: RDVT) reported strong Q3 2024 financial results with revenue increasing 20% to $19.1 million. The company achieved record gross profit, up 28% to $13.4 million, with gross margin improving to 70%. Net income was $1.7 million ($0.12 per share), compared to $12.5 million in Q3 2023 which included a one-time tax benefit. Operating cash flow grew 25% to $7.2 million. The company added 266 customers to IDI™ and 21,091 users to FOREWARN®, ending with 8,743 and 284,967 users respectively. The company continued its share repurchase program, buying 292,744 shares at an average price of $19.81.
Red Violet (NASDAQ: RDVT) announced its participation in the upcoming Southwest IDEAS Investor Conference in Dallas on November 21, 2024. The analytics and information solutions provider will be represented by Camilo Ramirez, Senior Vice President of Finance and Investor Relations, who will deliver a presentation and conduct investor meetings during the event.
FOREWARN, a red violet company (NASDAQ: RDVT), has partnered with Triad Multiple Listing Service to provide its real-time information solutions to over 7,000 real estate professionals in North Carolina. The service will be offered at no additional cost to individual agents, covering members from Greensboro, High Point, Winston-Salem, and surrounding areas.
FOREWARN's platform analyzes billions of data points to help agents verify identities, search criminal histories, and validate client information using just a phone number. This technology enables agents to plan showings more safely and confidently through both online and mobile application access.
Red Violet (NASDAQ: RDVT), an analytics and information solutions provider, has scheduled its third quarter 2024 financial results announcement for November 6, 2024, after U.S. market close. The company will host an earnings conference call at 4:30pm ET the same day to discuss quarterly results and provide a business update. Participants must register to receive unique dial-in credentials, and the call will be simultaneously webcast on the Investors section of Red Violet's website. An archived version of the webcast will be available after the call.
FOREWARN, , a red violet company (NASDAQ: RDVT), has partnered with the New Hampshire Association of REALTORS® (NHAR) to provide its real-time information solutions to over 6,500 real estate professionals across New Hampshire. This partnership aims to enhance agent safety and risk mitigation.
FOREWARN's services, accessible online and via a mobile app, utilize advanced data analysis to verify client identities, search criminal histories, and validate information using only a phone number. This tool enables agents to plan showings more confidently and safely.
NHAR is offering FOREWARN services to its members at no additional cost, demonstrating its commitment to member safety and well-being. Bob Quinn, CEO of NHAR, emphasized the importance of this tool in simplifying prospect verification and enhancing personal safety for real estate professionals.
FOREWARN, , a red violet company (NASDAQ: RDVT), has partnered with the Howard County Association of REALTORS® (HCAR) to provide its real-time information solutions to over 2,000 real estate professionals in Columbia, Maryland, and the surrounding Howard County area. This partnership aims to enhance agent safety by offering FOREWARN services at no additional cost to individual agents.
FOREWARN's technology analyzes billions of data points, allowing users to verify identities, search criminal histories, and validate client information using just a phone number. This tool enables agents to plan showings more safely and confidently. HCAR President Piet de Dreu emphasized that providing FOREWARN as a core benefit reinforces their commitment to member safety.
IDI, a red violet company (NASDAQ: RDVT), has been awarded a GSA MAS8F contract through its alliance with Carahsoft Technology Corp. As of August 6, 2024, government agencies can procure IDI's idiCORE™ investigative solution and related products through Carahsoft's GSA Schedule contract. IDI offers identity intelligence solutions, including KYC verification, contact information, arrest history, employment and bank account verification, batch processing, and API access.
IDI's comprehensive data assets cover nearly 100% of the U.S. adult population, enabling public sector agencies to manage risk, reduce fraud, and handle identity resolution effectively. This strategic alliance aims to enhance government capabilities in preventing cybercrimes, bolstering authentication controls, and ensuring public safety.
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