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

Zacks Investment Research lowered shares of Elevate Credit, Inc. (NYSE:ELVT) from a hold rating to a sell rating in a research report released on Thursday, August 3rd.

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 issued reports on ELVT. Jefferies Group LLC began coverage on shares of Elevate Credit in a research note on Tuesday, May 2nd. They issued a buy rating and a $12.00 target price for the company. Compass Point reiterated a neutral rating and issued a $9.00 target price on shares of Elevate Credit in a research note on Tuesday, April 18th. Maxim Group began coverage on shares of Elevate Credit in a research note on Wednesday, July 12th. They issued a buy rating and a $10.00 target price for the company. Credit Suisse Group began coverage on shares of Elevate Credit in a report on Tuesday, May 2nd. They issued an outperform rating and a $11.00 price target for the company. Finally, Stifel Nicolaus began coverage on shares of Elevate Credit in a report on Monday, May 1st. They issued a buy rating and a $12.00 price target for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $11.00.

Shares of Elevate Credit (NYSE:ELVT) traded down 1.99% on Thursday, reaching $6.88. 68,883 shares of the company were exchanged. The firm’s 50 day moving average price is $8.02 and its 200 day moving average price is $7.91. The stock’s market capitalization is $265.16 million. Elevate Credit has a 52 week low of $6.78 and a 52 week high of $9.48.

Elevate Credit (NYSE:ELVT) last announced its quarterly earnings data on Monday, July 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.13. The business had revenue of $150.50 million for the quarter, compared to analyst estimates of $157.38 million. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. Equities research analysts anticipate that Elevate Credit will post $0.35 EPS for the current year.

In other Elevate Credit news, CFO Christopher Lutes bought 10,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was acquired at an average price of $7.06 per share, with a total value of $70,600.00. Following the completion of the acquisition, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $353,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Henry W. Ramsey bought 9,500 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were acquired at an average cost of $7.17 per share, with a total value of $68,115.00. Following the acquisition, the insider now directly owns 9,500 shares of the company’s stock, valued at $68,115. The disclosure for this purchase can be found here. In the last three months, insiders purchased 31,500 shares of company stock valued at $224,795.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Empyrean Capital Partners LP purchased a new position in shares of Elevate Credit during the second quarter valued at $20,322,000. Vanguard Group Inc. purchased a new position in shares of Elevate Credit during the second quarter valued at $1,806,000. Northern Trust Corp purchased a new position in shares of Elevate Credit during the second quarter valued at $1,185,000. State Street Corp purchased a new position in shares of Elevate Credit during the second quarter valued at $1,176,000. Finally, TIAA CREF Investment Management LLC bought a new position in Elevate Credit during the second quarter worth approximately $533,000. 0.33% of the stock is currently owned by hedge funds and other institutional investors.

About Elevate Credit

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.

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