Zacks Investment Research downgraded shares of Elevate Credit, Inc. (NYSE:ELVT) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
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. “
Other analysts also recently issued research reports about the company. Maxim Group initiated coverage on Elevate Credit in a research note on Wednesday, July 12th. They set a buy rating and a $10.00 target price on the stock. BTIG Research initiated coverage on Elevate Credit in a research note on Thursday, July 6th. They set a buy rating and a $12.00 target price on the stock. Stephens initiated coverage on Elevate Credit in a research note on Wednesday, August 23rd. They set an equal weight rating and a $8.50 target price on the stock. Finally, BidaskClub raised Elevate Credit from a strong sell rating to a sell rating in a research note on Saturday, October 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. Elevate Credit presently has an average rating of Hold and an average price target of $10.64.
Elevate Credit (NYSE:ELVT) opened at $7.71 on Wednesday.
Elevate Credit (NYSE:ELVT) last announced its earnings results on Monday, October 30th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. The firm had revenue of $172.80 million for the quarter, compared to the consensus estimate of $175.00 million. Elevate Credit had a negative return on equity of 34.04% and a negative net margin of 1.92%. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.25) EPS. analysts predict that Elevate Credit will post 0.29 earnings per share for the current year.
TRADEMARK VIOLATION NOTICE: “Zacks Investment Research Lowers Elevate Credit, Inc. (ELVT) to Sell” was originally posted by Community Financial News and is the sole property of of Community Financial News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.com-unik.info/2017/11/04/zacks-investment-research-lowers-elevate-credit-inc-elvt-to-sell.html.
In other news, CFO Christopher Lutes acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were bought at an average price of $7.00 per share, with a total value of $70,000.00. Following the purchase, the chief financial officer now owns 60,000 shares of the company’s stock, valued at $420,000. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers bought a new stake in shares of Elevate Credit in the 2nd quarter worth $117,000. New York State Common Retirement Fund bought a new stake in shares of Elevate Credit in the 2nd quarter worth $122,000. BlueCrest Capital Management Ltd bought a new stake in shares of Elevate Credit in the 2nd quarter worth $146,000. Citadel Advisors LLC bought a new stake in shares of Elevate Credit in the 2nd quarter worth $163,000. Finally, Schwab Charles Investment Management Inc. bought a new stake in shares of Elevate Credit in the 2nd quarter worth $194,000. 51.87% of the stock is currently owned by institutional investors.
Elevate Credit Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about Elevate Credit Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Elevate Credit Inc. and related companies.