Short Interest in Elevate Credit Inc (NYSE:ELVT) Rises By 8.5%

Elevate Credit Inc (NYSE:ELVT) was the target of a significant growth in short interest in January. As of January 31st, there was short interest totalling 405,100 shares, a growth of 8.5% from the January 15th total of 373,500 shares. Currently, 1.7% of the shares of the stock are short sold. Based on an average trading volume of 138,100 shares, the days-to-cover ratio is currently 2.9 days.

NYSE ELVT traded down $0.01 during trading hours on Friday, hitting $4.16. 204,651 shares of the company’s stock were exchanged, compared to its average volume of 268,337. The business’s 50 day moving average is $4.65 and its 200-day moving average is $4.40. Elevate Credit has a 12-month low of $3.71 and a 12-month high of $5.98. The firm has a market capitalization of $203.57 million, a P/E ratio of 5.70 and a beta of 1.26. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.12 and a current ratio of 1.12.

Elevate Credit (NYSE:ELVT) last released its earnings results on Monday, February 10th. The company reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.02. Elevate Credit had a return on equity of 23.06% and a net margin of 4.31%. The firm had revenue of $186.92 million for the quarter, compared to the consensus estimate of $186.85 million. As a group, equities research analysts anticipate that Elevate Credit will post 0.84 EPS for the current fiscal year.

In other news, major shareholder Scff Management Llc sold 11,579 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $3.79, for a total value of $43,884.41. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth E. Rees sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $4.04, for a total value of $60,600.00. Following the completion of the sale, the director now owns 471,342 shares in the company, valued at $1,904,221.68. The disclosure for this sale can be found here. Insiders sold 313,494 shares of company stock worth $1,323,806 over the last 90 days. Company insiders own 17.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. raised its stake in Elevate Credit by 18.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 190,157 shares of the company’s stock valued at $846,000 after acquiring an additional 29,933 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Elevate Credit by 79.0% during the 4th quarter. Bank of New York Mellon Corp now owns 192,636 shares of the company’s stock valued at $857,000 after acquiring an additional 85,029 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Elevate Credit by 15.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 91,214 shares of the company’s stock valued at $406,000 after acquiring an additional 12,248 shares in the last quarter. UBS Group AG raised its stake in Elevate Credit by 26.9% during the 4th quarter. UBS Group AG now owns 30,804 shares of the company’s stock valued at $137,000 after acquiring an additional 6,522 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in Elevate Credit by 35.9% during the 4th quarter. Meeder Asset Management Inc. now owns 18,523 shares of the company’s stock valued at $83,000 after acquiring an additional 4,895 shares in the last quarter. Hedge funds and other institutional investors own 48.30% of the company’s stock.

Several analysts have recently issued reports on ELVT shares. ValuEngine downgraded Elevate Credit from a “hold” rating to a “sell” rating in a research report on Thursday, January 23rd. Zacks Investment Research downgraded Elevate Credit from a “buy” rating to a “hold” rating in a research report on Friday. William Blair restated a “market perform” rating on shares of Elevate Credit in a research report on Tuesday, November 5th. Finally, Stephens downgraded Elevate Credit from an “equal weight” rating to an “underweight” rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $5.25.

About Elevate Credit

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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