Elevate Credit, Inc. (ELVT) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Elevate Credit, Inc. (NYSE:ELVT) from a hold rating to a sell rating in a research report sent to investors on Monday morning.
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. “
A number of other research firms have also recently weighed in on ELVT. Maxim Group began coverage on shares of Elevate Credit in a research note on Wednesday, July 12th. They set a buy rating and a $10.00 target price on the stock. BTIG Research began coverage on shares of Elevate Credit in a research note on Thursday, July 6th. They set a buy rating and a $12.00 target price on the stock. Finally, Stephens began coverage on shares of Elevate Credit in a research note on Wednesday, August 23rd. They set an equal weight rating and a $8.50 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $10.64.
Shares of Elevate Credit (ELVT) opened at 6.19 on Monday. The stock’s market cap is $258.08 million. The firm’s 50 day moving average price is $6.70 and its 200 day moving average price is $7.58. Elevate Credit has a 52-week low of $5.94 and a 52-week high of $9.48.
Elevate Credit (NYSE:ELVT) last released its earnings results on Monday, July 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.13. The firm had revenue of $150.50 million for the quarter, compared to analysts’ expectations of $157.38 million. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. On average, analysts expect that Elevate Credit will post $0.35 EPS for the current year.
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In other news, CFO Christopher Lutes bought 10,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average price of $7.00 per share, for a total transaction of $70,000.00. Following the purchase, the chief financial officer now owns 60,000 shares in the company, valued at $420,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers purchased a new stake in Elevate Credit in the 2nd quarter worth $117,000. New York State Common Retirement Fund purchased a new stake in Elevate Credit in the 2nd quarter worth $122,000. BlueCrest Capital Management Ltd purchased a new stake in Elevate Credit in the 2nd quarter worth $146,000. Citadel Advisors LLC purchased a new stake in Elevate Credit in the 2nd quarter worth $163,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in Elevate Credit in the 2nd quarter worth $194,000. Institutional investors and hedge funds own 51.85% of the company’s stock.
About Elevate Credit
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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