Elevate Credit (NYSE:ELVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $8.75 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 13.05% from the company’s current price.
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 topic of a number of other reports. BidaskClub raised Elevate Credit from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 7th. Credit Suisse Group lowered their price objective on Elevate Credit from $11.00 to $10.50 and set an “outperform” rating on the stock in a research report on Thursday, November 16th. Maxim Group reaffirmed a “buy” rating and set a $10.00 price objective on shares of Elevate Credit in a research report on Tuesday, October 31st. Finally, JMP Securities started coverage on Elevate Credit in a research report on Tuesday, December 12th. They set an “outperform” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $10.31.
Elevate Credit (NYSE:ELVT) last posted its quarterly earnings data on Monday, October 30th. The company reported $0.01 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $175.00 million. During the same period in the previous year, the firm earned ($1.25) EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis. sell-side analysts predict that Elevate Credit will post 0.28 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empyrean Capital Partners LP bought a new stake in Elevate Credit during the 2nd quarter valued at approximately $20,322,000. Vanguard Group Inc. bought a new stake in Elevate Credit during the 2nd quarter valued at approximately $1,806,000. Northern Trust Corp bought a new stake in Elevate Credit during the 2nd quarter valued at approximately $1,185,000. State Street Corp bought a new stake in Elevate Credit during the 2nd quarter valued at approximately $1,176,000. Finally, GSA Capital Partners LLP raised its stake in Elevate Credit by 912.5% during the 3rd quarter. GSA Capital Partners LLP now owns 121,500 shares of the company’s stock valued at $742,000 after purchasing an additional 109,500 shares during the period. 52.07% of the stock is currently owned by institutional investors.
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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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