Elevate Credit (NYSE:ELVT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Elevate Credit (NYSE:ELVT) from a hold rating to a buy rating in a research report sent to investors on Friday morning, Zacks.com reports. Zacks Investment Research currently has $4.50 price objective on the stock.

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 research firms have also recently weighed in on ELVT. William Blair reissued a market perform rating on shares of Elevate Credit in a research note on Tuesday, November 5th. ValuEngine lowered shares of Elevate Credit from a hold rating to a sell rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $6.10.

NYSE ELVT opened at $4.14 on Friday. The business’s fifty day simple moving average is $4.08 and its 200-day simple moving average is $4.31. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.11. The firm has a market cap of $182.81 million, a PE ratio of 10.62 and a beta of 1.33. Elevate Credit has a 52 week low of $3.71 and a 52 week high of $5.21.

Elevate Credit (NYSE:ELVT) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.10. Elevate Credit had a net margin of 3.65% and a return on equity of 20.93%. The firm had revenue of $192.80 million during the quarter, compared to analyst estimates of $193.34 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Elevate Credit’s quarterly revenue was down 4.3% on a year-over-year basis. Research analysts expect that Elevate Credit will post 0.69 EPS for the current year.

In related news, Director Kenneth E. Rees sold 15,000 shares of Elevate Credit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $4.37, for a total value of $65,550.00. Also, major shareholder Scff Management Llc sold 65,087 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $4.10, for a total value of $266,856.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 341,126 shares of company stock worth $1,391,730. Corporate insiders own 17.00% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Elevate Credit by 21.4% in the 2nd quarter. BlackRock Inc. now owns 1,570,427 shares of the company’s stock valued at $6,470,000 after buying an additional 276,717 shares during the period. Renaissance Technologies LLC increased its position in shares of Elevate Credit by 30.9% in the 2nd quarter. Renaissance Technologies LLC now owns 799,847 shares of the company’s stock valued at $3,295,000 after purchasing an additional 188,747 shares during the last quarter. State Street Corp raised its holdings in shares of Elevate Credit by 1.2% in the 3rd quarter. State Street Corp now owns 295,364 shares of the company’s stock valued at $1,243,000 after purchasing an additional 3,639 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Elevate Credit by 2.1% in the 2nd quarter. Northern Trust Corp now owns 239,597 shares of the company’s stock valued at $987,000 after purchasing an additional 5,034 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Elevate Credit by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 187,600 shares of the company’s stock worth $790,000 after purchasing an additional 10,300 shares during the last quarter. Hedge funds and other institutional investors own 48.14% 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, lines of credit, and credit cards. Its products include Rise installment loan and line of credit products; Elastic, a line of credit product; Sunny, an installment loan product; and Today Card, a credit card product.

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