Elevate Credit (NYSE:ELVT) Lowered to Hold at Zacks Investment Research

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Elevate Credit (NYSE:ELVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

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 raised shares of Elevate Credit from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. BTIG Research reaffirmed a “buy” rating and set a $6.00 price target on shares of Elevate Credit in a research note on Tuesday, July 16th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Elevate Credit currently has an average rating of “Hold” and an average target price of $6.25.

Shares of Elevate Credit stock traded down $0.07 on Friday, hitting $4.10. 70,500 shares of the company traded hands, compared to its average volume of 119,564. The stock’s 50 day moving average price is $4.30 and its 200-day moving average price is $4.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.12. Elevate Credit has a 52 week low of $3.71 and a 52 week high of $6.89. The company has a market cap of $188.45 million, a PE ratio of 10.51 and a beta of 1.34.

Elevate Credit (NYSE:ELVT) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.06. Elevate Credit had a net margin of 2.45% and a return on equity of 19.19%. The firm had revenue of $177.76 million during the quarter, compared to the consensus estimate of $187.48 million. During the same quarter in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. As a group, research analysts anticipate that Elevate Credit will post 0.6 EPS for the current fiscal year.

In related news, major shareholder Scff Management Llc sold 40,702 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $4.27, for a total value of $173,797.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth E. Rees sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $4.95, for a total transaction of $74,250.00. The disclosure for this sale can be found here. Insiders sold 188,228 shares of company stock valued at $813,741 in the last three months. 17.00% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Wells Fargo & Company MN increased its position in shares of Elevate Credit by 8.6% during the second quarter. Wells Fargo & Company MN now owns 44,200 shares of the company’s stock worth $182,000 after purchasing an additional 3,507 shares in the last quarter. Northern Trust Corp increased its position in shares of Elevate Credit by 2.1% during the second quarter. Northern Trust Corp now owns 239,597 shares of the company’s stock worth $987,000 after purchasing an additional 5,034 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Elevate Credit by 46.1% during the second quarter. Parametric Portfolio Associates LLC now owns 20,027 shares of the company’s stock worth $83,000 after purchasing an additional 6,323 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Elevate Credit during the second quarter worth $26,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Elevate Credit by 15.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 49,257 shares of the company’s stock worth $203,000 after purchasing an additional 6,484 shares in the last quarter. 47.95% of the stock is owned by institutional investors.

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.

Further Reading: Dividend Aristocrat Index

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