Elevate Credit, Inc. (ELVT) Cut 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 Wednesday.
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. “
Several other analysts have also weighed in on the stock. Maxim Group reiterated a “buy” rating and set a $10.00 target price on shares of Elevate Credit in a research report on Tuesday. BidaskClub upgraded shares of Elevate Credit from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 7th. Stephens began coverage on shares of Elevate Credit in a research report on Wednesday, August 23rd. They set an “equal weight” rating and a $8.50 target price on the stock. Finally, BTIG Research began coverage on shares of Elevate Credit in a research report on Thursday, July 6th. They set a “buy” rating and a $12.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. Elevate Credit presently has a consensus rating of “Hold” and a consensus price target of $10.64.
Elevate Credit (NYSE:ELVT) last posted its quarterly earnings results on Monday, October 30th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.02. Elevate Credit had a negative net margin of 1.92% and a negative return on equity of 34.04%. The company had revenue of $172.80 million for the quarter, compared to analyst estimates of $175.00 million. During the same period last year, the business posted ($1.25) EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis.
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In other news, CFO Christopher Lutes purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average cost of $7.00 per share, with a total value of $70,000.00. Following the acquisition, the chief financial officer now directly owns 60,000 shares of the company’s stock, valued at approximately $420,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
A number of hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System bought a new position in Elevate Credit during the 2nd quarter valued at about $202,000. Empyrean Capital Partners LP bought a new position in shares of Elevate Credit in the second quarter worth about $20,322,000. BlueCrest Capital Management Ltd bought a new position in shares of Elevate Credit in the second quarter worth about $146,000. State Street Corp bought a new position in shares of Elevate Credit in the second quarter worth about $1,176,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Elevate Credit in the second quarter worth about $271,000. 51.87% of the stock is owned by hedge funds and other institutional investors.
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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