Elevate Credit (ELVT) Stock Rating Lowered by Zacks Investment Research

Elevate Credit (NYSE:ELVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, July 26th.

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 several other research reports. ValuEngine cut shares of Elevate Credit from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. JMP Securities increased their price target on shares of Elevate Credit from $10.00 to $12.50 and gave the company a “market outperform” rating in a research note on Thursday, July 12th. Finally, Maxim Group increased their price target on shares of Elevate Credit from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, July 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.08.

Shares of Elevate Credit opened at $9.43 on Thursday, according to Marketbeat.com. Elevate Credit has a 12 month low of $5.90 and a 12 month high of $11.27. The firm has a market cap of $394.32 million, a P/E ratio of 30.39 and a beta of 0.89.

Elevate Credit (NYSE:ELVT) last announced its earnings results on Monday, July 30th. The company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Elevate Credit had a net margin of 0.14% and a return on equity of 12.98%. The business had revenue of $184.38 million during the quarter, compared to analysts’ expectations of $186.46 million. During the same quarter in the prior year, the company posted $0.08 earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. analysts forecast that Elevate Credit will post 0.74 EPS for the current fiscal year.

In other news, Director John C. Dean sold 57,599 shares of the firm’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $8.46, for a total transaction of $487,287.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jason Harvison sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $10.21, for a total transaction of $25,525.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,099 shares of company stock valued at $553,988. Corporate insiders own 32.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ELVT. Hawk Ridge Capital Management LP lifted its stake in shares of Elevate Credit by 47.1% during the 1st quarter. Hawk Ridge Capital Management LP now owns 1,843,765 shares of the company’s stock worth $13,054,000 after buying an additional 590,101 shares during the last quarter. Prescott Group Capital Management L.L.C. lifted its stake in shares of Elevate Credit by 113.0% during the 1st quarter. Prescott Group Capital Management L.L.C. now owns 522,491 shares of the company’s stock worth $3,699,000 after buying an additional 277,183 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Elevate Credit by 27.4% during the 2nd quarter. BlackRock Inc. now owns 1,058,585 shares of the company’s stock worth $8,956,000 after buying an additional 227,746 shares during the last quarter. Osborn Williams & Donohoe LLC acquired a new stake in shares of Elevate Credit during the 2nd quarter worth about $1,785,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Elevate Credit during the 2nd quarter worth about $1,350,000. Institutional investors own 43.44% of the company’s stock.

Elevate Credit Company Profile

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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