Red Violet Inc. (RDVT) has marked a significant milestone, reaching a 52-week high of $26.44. This achievement underscores the company's robust performance over the past year, which has been characterized by steady growth and strong market presence. The 52-week high data reflects the highest price level the stock has reached within the past year, a key indicator of its momentum and potential for future growth.
Over the past year, Red Violet has seen a substantial change in its stock value, with a 1-year change of 25.65%. This impressive growth rate demonstrates the company's resilience and adaptability in a dynamic market environment. The 1-year change data, which measures the percentage change in the company's stock price over the past year, is a crucial metric for investors to assess the company's performance and potential for future returns.
In other recent news, Red Violet reported record-breaking revenue, adjusted gross profit, and adjusted EBITDA in its Q1 2024 financial results. The company's revenue rose by 20% year-over-year to $17.5 million, and its adjusted gross profit reached $13.8 million, a margin of 79%. Adjusted EBITDA also saw a significant increase of 54% from the previous year, totaling $5.7 million with a 32% margin.
Additionally, Red Violet's customer base saw growth, with the IDI segment adding 366 customers and the FOREWARN user base expanding by over 51,000 during the quarter. These developments indicate a strong start to the year for Red Violet, despite acknowledged challenges in the consumer sector.
The company's financial strength is further highlighted by its balance sheet. Cash and cash equivalents stood at $32.1 million at the end of the quarter, with current assets totaling $41.5 million against current liabilities of $8.3 million. Red Violet generated $4.3 million in cash from operating activities and $1.9 million in free cash flow during the first quarter.
Despite potential headwinds, Red Violet's executives remain confident in their strategic plan, which has so far delivered strong financial results and customer base expansion. These are among the recent developments at Red Violet.
InvestingPro Insights
As Red Violet Inc. (RDVT) celebrates its 52-week high, a closer look at the company's financial health through InvestingPro data reveals a promising picture. With a market capitalization of $359.33 million and an attractive gross profit margin of 78.37% for the last twelve months as of Q1 2024, the company stands out in its financial robustness. The revenue growth of 19.73% in Q1 2024 further accentuates Red Violet's capacity for expansion and profitability.
InvestingPro Tips highlight that Red Violet holds more cash than debt on its balance sheet, suggesting a strong liquidity position. Additionally, the company is trading near its 52-week high, which might entice investors looking for stocks with upward momentum. For those seeking comprehensive insights, InvestingPro offers an array of additional tips, with 12 more available at https://www.investing.com/pro/RDVT. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and explore these tips to inform your investment decisions.
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