Red Violet droops on $100 mln stock offering
BUZZ-Red Violet droops on $100 mln stock offering ** Analytics and information solutions provider Red Violet's RDVT.O shares fall 8.1% to $62.72 premarket on Thurs after $100 mln follow-on priced
** Boca Raton, Florida-based firm late Weds sold ~1.67 mln shares at $60, a 12.1% discount to last sale
** Co, which has ~14.1 mln shares outstanding, intends to use net offering proceeds for working capital and general purposes, including potential acquisitions
** Raymond James and Needham joint bookrunners
** In SEC filing late Weds, co provided Q2 estimates for rev of $26.71 mln and adj EBITDA of $11.22 mln
** Through Weds, RDVT has risen 57% over the past three months, putting it up 20% YTD. Stock hit record intraday high of $71.19 on Mon
** 2 analysts covering RDVT rate it "buy" with PTs of $62 and $81, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))