Elevate Credit, Inc. (ELVT) Short Interest Up 55.7% in August
Elevate Credit, Inc. (NYSE:ELVT) was the target of a large increase in short interest in August. As of August 15th, there was short interest totalling 1,284,062 shares, an increase of 55.7% from the July 31st total of 824,495 shares. Approximately 10.7% of the company’s shares are sold short. Based on an average daily trading volume, of 270,316 shares, the short-interest ratio is currently 4.8 days.
ELVT has been the subject of a number of recent analyst reports. BTIG Research initiated coverage on shares of Elevate Credit in a research report on Thursday, July 6th. They issued a “buy” rating and a $12.00 price objective for the company. Stephens initiated 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. Zacks Investment Research upgraded shares of Elevate Credit from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. Finally, Maxim Group started coverage on Elevate Credit in a report on Wednesday, July 12th. They set a “buy” rating and a $10.00 target price for the company. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $10.64.
In other news, CFO Christopher Lutes acquired 10,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average price of $7.00 per share, for a total transaction of $70,000.00. Following the transaction, the chief financial officer now directly owns 60,000 shares in the company, valued at $420,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Henry W. Ramsey acquired 9,500 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was purchased at an average price of $7.17 per share, with a total value of $68,115.00. Following the transaction, the insider now owns 9,500 shares in the company, valued at $68,115. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 21,500 shares of company stock valued at $154,195.
A number of hedge funds and other institutional investors have recently modified their holdings of ELVT. Rhumbline Advisers acquired a new position in shares of Elevate Credit during the second quarter worth about $117,000. New York State Common Retirement Fund acquired a new position in shares of Elevate Credit during the second quarter worth about $122,000. BlueCrest Capital Management Ltd acquired a new position in shares of Elevate Credit during the second quarter worth about $146,000. Citadel Advisors LLC acquired a new position in shares of Elevate Credit during the second quarter worth about $163,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in shares of Elevate Credit during the second quarter worth about $194,000. 51.85% of the stock is owned by institutional investors.
Elevate Credit (NYSE ELVT) opened at 6.31 on Thursday. The company’s market cap is $263.08 million. Elevate Credit has a 12-month low of $5.94 and a 12-month high of $9.48. The firm’s 50-day moving average price is $7.73 and its 200-day moving average price is $7.81.
Elevate Credit (NYSE:ELVT) last issued its quarterly earnings results on Monday, July 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.13. The business had revenue of $150.50 million for the quarter, compared to analysts’ expectations of $157.38 million. Elevate Credit’s quarterly revenue was up 18.7% on a year-over-year basis. Equities research analysts forecast that Elevate Credit will post $0.35 earnings per share for the current fiscal year.
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.
Receive News & Ratings for Elevate Credit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elevate Credit Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.