Elevate Credit (ELVT) Downgraded by Zacks Investment Research to Sell

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

A number of other research analysts also recently commented on ELVT. UBS Group downgraded Elevate Credit from a buy rating to a neutral rating and set a $5.00 target price on the stock. in a research note on Friday, February 22nd. BTIG Research downgraded Elevate Credit from a buy rating to a neutral rating and set a $4.66 target price on the stock. in a research note on Thursday, February 14th. Maxim Group restated a buy rating and issued a $10.00 target price on shares of Elevate Credit in a research note on Tuesday, February 12th. Finally, Jefferies Financial Group downgraded Elevate Credit from a buy rating to a hold rating and lowered their target price for the company from $9.50 to $5.00 in a research note on Tuesday, January 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $7.65.

Shares of ELVT stock opened at $4.41 on Thursday. Elevate Credit has a 1-year low of $3.71 and a 1-year high of $11.27. The firm has a market cap of $191.21 million, a PE ratio of 11.31 and a beta of 1.77.

Elevate Credit (NYSE:ELVT) last issued its quarterly earnings results on Monday, February 11th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Elevate Credit had a return on equity of 15.53% and a net margin of 1.59%. The business had revenue of $207.29 million for the quarter, compared to the consensus estimate of $212.42 million. As a group, analysts expect that Elevate Credit will post 0.55 EPS for the current fiscal year.

In other Elevate Credit news, CEO Kenneth E. Rees sold 15,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $4.44, for a total value of $66,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jason Harvison sold 40,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $4.36, for a total value of $174,400.00. The disclosure for this sale can be found here. 17.00% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Elevate Credit by 3,030.3% during the third quarter. JPMorgan Chase & Co. now owns 128,280 shares of the company’s stock valued at $1,033,000 after acquiring an additional 124,182 shares during the period. Wells Fargo & Company MN increased its stake in Elevate Credit by 33.3% during the third quarter. Wells Fargo & Company MN now owns 101,362 shares of the company’s stock valued at $817,000 after acquiring an additional 25,337 shares during the period. Vanguard Group Inc increased its stake in Elevate Credit by 12.4% during the third quarter. Vanguard Group Inc now owns 990,375 shares of the company’s stock valued at $7,983,000 after acquiring an additional 109,257 shares during the period. Mackenzie Financial Corp bought a new position in Elevate Credit during the third quarter valued at about $1,841,000. Finally, Osborn Williams & Donohoe LLC increased its stake in Elevate Credit by 42.1% during the fourth quarter. Osborn Williams & Donohoe LLC now owns 371,000 shares of the company’s stock valued at $1,662,000 after acquiring an additional 110,000 shares during the period. 48.18% of the stock is owned by institutional investors.

Elevate Credit Company Profile

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.

Read More: What is Cost of Goods Sold (COGS)?

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