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. “
Several other equities research analysts have also recently weighed in on ELVT. Stephens initiated coverage on Elevate Credit in a research note on Wednesday, August 23rd. They set an “equal weight” rating and a $8.50 target price for the company. BidaskClub upgraded Elevate Credit from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 7th. Maxim Group restated a “buy” rating and set a $10.00 target price on shares of Elevate Credit in a research note on Tuesday, October 31st. Finally, Credit Suisse Group cut their target price on Elevate Credit from $11.00 to $10.50 and set an “outperform” rating for the company in a research note on Thursday, November 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $10.57.
Elevate Credit (NYSE:ELVT) last released its earnings results on Monday, October 30th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.02. Elevate Credit had a return on equity of 1.40% and a net margin of 0.13%. The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $175.00 million. During the same period in the prior year, the company earned ($1.25) earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. analysts forecast that Elevate Credit will post 0.27 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP lifted its stake in shares of Elevate Credit by 912.5% in the 3rd quarter. GSA Capital Partners LLP now owns 121,500 shares of the company’s stock valued at $742,000 after acquiring an additional 109,500 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Elevate Credit by 203.2% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 38,200 shares of the company’s stock valued at $233,000 after acquiring an additional 25,600 shares during the last quarter. Citadel Advisors LLC lifted its stake in shares of Elevate Credit by 286.2% in the 3rd quarter. Citadel Advisors LLC now owns 79,688 shares of the company’s stock valued at $487,000 after acquiring an additional 59,055 shares during the last quarter. Phoenix Investment Adviser LLC bought a new position in shares of Elevate Credit in the 3rd quarter valued at $147,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Elevate Credit in the 3rd quarter valued at $126,000. Institutional investors own 51.81% of the company’s stock.
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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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