Elevate Credit (ELVT) Upgraded to “Hold” at Zacks Investment Research
Elevate Credit (NYSE:ELVT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
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 analysts also recently commented on ELVT. Jefferies Financial Group downgraded shares of Elevate Credit from a “buy” rating to a “hold” rating and cut their price objective for the company from $9.50 to $5.00 in a report on Tuesday, January 8th. Maxim Group restated a “buy” rating and set a $10.00 price target on shares of Elevate Credit in a report on Tuesday, February 12th. BTIG Research upgraded shares of Elevate Credit from a “neutral” rating to a “buy” rating and set a $6.00 price target for the company in a report on Wednesday, February 13th. Finally, UBS Group downgraded shares of Elevate Credit from a “buy” rating to a “neutral” rating and set a $5.00 price target for the company. in a report on Friday, February 22nd. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $7.65.
Elevate Credit (NYSE:ELVT) last issued its quarterly earnings results on Monday, February 11th. The company reported $0.09 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.09. The firm had revenue of $207.29 million for the quarter, compared to analyst estimates of $212.42 million. Elevate Credit had a net margin of 1.59% and a return on equity of 15.53%. On average, equities analysts anticipate that Elevate Credit will post 0.58 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in ELVT. Rhumbline Advisers boosted its position in shares of Elevate Credit by 55.1% during the 4th quarter. Rhumbline Advisers now owns 26,497 shares of the company’s stock worth $119,000 after purchasing an additional 9,408 shares during the period. Stone Ridge Asset Management LLC purchased a new position in shares of Elevate Credit during the 4th quarter worth approximately $127,000. Bank of America Corp DE boosted its position in shares of Elevate Credit by 270.2% during the 4th quarter. Bank of America Corp DE now owns 30,765 shares of the company’s stock worth $138,000 after purchasing an additional 22,455 shares during the period. Stephens Inc. AR boosted its position in shares of Elevate Credit by 72.2% during the 4th quarter. Stephens Inc. AR now owns 31,000 shares of the company’s stock worth $139,000 after purchasing an additional 13,000 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Elevate Credit by 18.7% during the 4th quarter. First Trust Advisors LP now owns 32,701 shares of the company’s stock worth $147,000 after purchasing an additional 5,148 shares during the period. Institutional investors and hedge funds own 48.35% of the company’s stock.
About Elevate Credit
Elevate Credit, Inc provides online credit solutions to non-prime consumers in the United States and the United Kingdom. The company offers unsecured online installment loans and lines of credit. Its products include Rise installment loan and line of credit products; Elastic, a line of credit product; and Sunny installment loan products.
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