Elevate Credit, Inc. (ELVT) Rating Lowered to Sell at Zacks Investment Research
Elevate Credit, Inc. (NYSE:ELVT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Elevate Credit, Inc. offer online credit solutions to non-prime consumers. The Company offers online installment loans and lines of credits. Its products include credit building, financial wellness programs, credit reporting, free credit monitoring and online financial literacy videos and tools. Elevate Credit, Inc. is based in Forth Worth, United States. “
ELVT has been the subject of a number of other reports. Maxim Group initiated coverage on Elevate Credit in a research note on Wednesday, July 12th. They issued a “buy” rating and a $10.00 target price for the company. BTIG Research assumed coverage on Elevate Credit in a report on Thursday, July 6th. They set a “buy” rating and a $12.00 price target for the company. Finally, Stephens assumed coverage on Elevate Credit in a report on Wednesday, August 23rd. They set an “equal weight” rating and a $8.50 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $10.64.
Shares of Elevate Credit (NYSE ELVT) opened at 6.15 on Tuesday. The stock’s market capitalization is $256.41 million. Elevate Credit has a 52 week low of $5.94 and a 52 week high of $9.48. The stock’s 50 day moving average is $7.01 and its 200-day moving average is $7.65.
Elevate Credit (NYSE:ELVT) last issued its earnings results on Monday, July 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.13. The company had revenue of $150.50 million during the quarter, compared to analyst estimates of $157.38 million. The firm’s revenue was up 18.7% on a year-over-year basis. On average, analysts anticipate that Elevate Credit will post $0.35 earnings per share for the current fiscal year.
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In other Elevate Credit news, CFO Christopher Lutes purchased 10,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of $7.00 per share, for a total transaction of $70,000.00. Following the acquisition, the chief financial officer now owns 60,000 shares in the company, valued at approximately $420,000. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.
A number of institutional investors have recently made changes to their positions in ELVT. Rhumbline Advisers purchased a new position in Elevate Credit during the 2nd quarter valued at about $117,000. New York State Common Retirement Fund purchased a new position in Elevate Credit during the 2nd quarter valued at about $122,000. BlueCrest Capital Management Ltd purchased a new position in Elevate Credit during the 2nd quarter valued at about $146,000. Citadel Advisors LLC purchased a new position in Elevate Credit during the 2nd quarter valued at about $163,000. Finally, Schwab Charles Investment Management Inc. purchased a new position in Elevate Credit during the 2nd quarter valued at about $194,000. Institutional investors own 51.85% of the company’s stock.
Elevate Credit Company Profile
Elevate Credit, Inc provides online credit solutions to non-prime consumers, typically defined as those with credit scores of less than 700. The Company uses advanced technology risk analytics to provide financial options to its customers, who are not well-served by either banks or legacy non-prime lenders.
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