Elevate Credit, Inc. (ELVT) Issues Quarterly Earnings Results
Elevate Credit, Inc. (NYSE:ELVT) released its quarterly earnings data on Monday. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02, Briefing.com reports. The company had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $175.00 million. Elevate Credit’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the firm earned ($1.25) earnings per share.
Shares of Elevate Credit (ELVT) traded down 3.598% during midday trading on Tuesday, hitting $7.905. 172,174 shares of the stock traded hands. The company’s market cap is $329.58 million. The stock has a 50-day moving average of $6.86 and a 200-day moving average of $7.46. Elevate Credit has a 52-week low of $5.90 and a 52-week high of $9.48.
In other Elevate Credit news, CFO Christopher Lutes acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $7.00 per share, for a total transaction of $70,000.00. Following the completion of the acquisition, the chief financial officer now owns 60,000 shares of the company’s stock, valued at approximately $420,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Several hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System purchased a new position in Elevate Credit in the second quarter worth approximately $202,000. State Street Corp purchased a new position in Elevate Credit in the second quarter worth approximately $1,176,000. Finally, Vanguard Group Inc. purchased a new position in Elevate Credit in the second quarter worth approximately $1,806,000. Hedge funds and other institutional investors own 51.87% of the company’s stock.
Several research firms have issued reports on ELVT. BidaskClub raised shares of Elevate Credit from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 7th. Zacks Investment Research raised shares of Elevate Credit from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Stephens began coverage on shares of Elevate Credit in a research report on Wednesday, August 23rd. They issued an “equal weight” rating and a $8.50 price objective for the company. Maxim Group began coverage on shares of Elevate Credit in a research report on Wednesday, July 12th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, BTIG Research began coverage on shares of Elevate Credit in a research report on Thursday, July 6th. They issued a “buy” rating and a $12.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $10.64.
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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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