In a remarkable display of market confidence, Red Violet Inc. shares have surged to a 52-week high, reaching a price level of $39.33. According to InvestingPro data, the company maintains impressive gross profit margins of 80% and boasts a "GREAT" financial health score. This impressive milestone underscores the company's significant growth trajectory over the past year, with the stock witnessing an astounding 96% increase in value. The company's robust performance is reflected in its 21% revenue growth and strong return on invested capital. Investors have shown increasing enthusiasm for Red Violet's prospects, propelling the stock to new heights as the company continues to expand its footprint and demonstrate strong financial performance. The 52-week high serves as a testament to Red Violet's strategic initiatives and the positive reception of its business model in the competitive landscape. Discover 14 additional key insights about Red Violet with an InvestingPro subscription, including exclusive Fair Value analysis and comprehensive Pro Research Reports.
In other recent news, Red Violet reported a record-breaking Q3 revenue of $19.1 million, reflecting a 20% increase year-over-year. The analytics and information solutions provider also noted a 25% rise in adjusted EBITDA to $6.7 million. The company's growth is attributed to a strategic focus on customer acquisition and expansion, especially in investigative services, emerging markets, financial risk, and collections verticals.
The company's FOREWARN product continues to gain traction, now serving over 500 Realtor Associations, with plans for further expansion in the U.S. real estate market and beyond. The IDI segment of Red Violet added 266 new customers, contributing to the company's overall growth.
Executives expressed confidence in the company's strategy, anticipating a record 2024 and continued growth into 2025. The company's cash position also strengthened, with cash and cash equivalents rising to $35.7 million as of September 2024. These are among the recent developments in Red Violet's operational and financial performance.
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