Elevate Credit (NYSE:ELVT) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of Elevate Credit (NYSE:ELVT) from a hold rating to a sell rating in a research note published on Wednesday, 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. “

Several other research analysts have also commented on ELVT. Maxim Group reissued a hold rating on shares of Elevate Credit in a report on Tuesday, May 12th. Credit Suisse Group decreased their price objective on Elevate Credit from $4.75 to $4.00 and set an outperform rating on the stock in a research note on Thursday, May 7th. UBS Group decreased their price objective on Elevate Credit from $5.50 to $2.00 and set a neutral rating on the stock in a research note on Monday, May 11th. Finally, ValuEngine downgraded Elevate Credit from a sell rating to a strong sell rating in a research note on Saturday, June 27th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Elevate Credit presently has a consensus rating of Hold and an average target price of $3.31.

ELVT traded up $0.03 during trading hours on Wednesday, hitting $1.56. The stock had a trading volume of 56,793 shares, compared to its average volume of 519,410. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.09. The stock has a market cap of $63.05 million, a PE ratio of 4.75 and a beta of 3.27. Elevate Credit has a 1 year low of $0.89 and a 1 year high of $5.98. The company’s fifty day simple moving average is $1.94 and its 200 day simple moving average is $2.88.

Elevate Credit (NYSE:ELVT) last posted its earnings results on Wednesday, May 6th. The company reported $0.17 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.17. The business had revenue of $177.46 million during the quarter, compared to analyst estimates of $186.29 million. Elevate Credit had a return on equity of 17.92% and a net margin of 1.89%. As a group, equities analysts expect that Elevate Credit will post 0.49 EPS for the current year.

In other news, major shareholder Scff Management Llc sold 81,061 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $1.30, for a total value of $105,379.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 289,382 shares of company stock valued at $407,463 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of ELVT. Russell Investments Group Ltd. lifted its stake in shares of Elevate Credit by 132.0% during the 1st quarter. Russell Investments Group Ltd. now owns 39,900 shares of the company’s stock worth $40,000 after acquiring an additional 22,700 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Elevate Credit by 343.3% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 50,000 shares of the company’s stock worth $52,000 after acquiring an additional 38,721 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Elevate Credit by 63.4% during the 1st quarter. Two Sigma Advisers LP now owns 61,600 shares of the company’s stock worth $64,000 after acquiring an additional 23,900 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Elevate Credit by 53.1% during the 1st quarter. Wells Fargo & Company MN now owns 65,542 shares of the company’s stock worth $68,000 after acquiring an additional 22,721 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Elevate Credit by 35.9% during the 4th quarter. Meeder Asset Management Inc. now owns 18,523 shares of the company’s stock worth $83,000 after acquiring an additional 4,895 shares during the last quarter. 34.18% of the stock is owned by institutional investors and hedge funds.

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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