Elevate Credit, Inc. (ELVT) Announces Quarterly Earnings Results

Elevate Credit, Inc. (NYSE:ELVT) released its quarterly earnings results on Monday, July 31st. The company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.13, Briefing.com reports. The firm had revenue of $150.50 million for the quarter, compared to analysts’ expectations of $157.38 million. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Elevate Credit (NYSE ELVT) traded down 0.59% during midday trading on Friday, hitting $6.71. The stock had a trading volume of 129,818 shares. The firm has a 50-day moving average of $7.94 and a 200 day moving average of $7.88. Elevate Credit has a 52-week low of $6.60 and a 52-week high of $9.48. The firm’s market capitalization is $258.61 million.

A number of research analysts recently issued reports on ELVT shares. Zacks Investment Research cut Elevate Credit from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. Maxim Group assumed coverage on Elevate Credit in a research report on Wednesday, July 12th. They issued a “buy” rating and a $10.00 price target on the stock. BTIG Research assumed coverage on Elevate Credit in a research report on Thursday, July 6th. They issued a “buy” rating and a $12.00 price target on the stock. Stifel Nicolaus initiated coverage on Elevate Credit in a research report on Monday, May 1st. They issued a “buy” rating and a $12.00 price target on the stock. Finally, William Blair initiated coverage on Elevate Credit in a research report on Monday, May 1st. They issued an “outperform” rating on the stock. One investment 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 a consensus price target of $11.00.

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In related news, insider Henry W. Ramsey acquired 9,500 shares of Elevate Credit stock in a transaction that occurred on Friday, June 2nd. The stock was acquired at an average price of $7.17 per share, with a total value of $68,115.00. Following the completion of the acquisition, the insider now directly owns 9,500 shares of the company’s stock, valued at approximately $68,115. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Christopher Lutes acquired 10,000 shares of Elevate Credit stock in a transaction that occurred on Thursday, June 1st. The stock was bought at an average cost of $7.06 per share, with a total value of $70,600.00. Following the acquisition, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $353,000. The disclosure for this purchase can be found here. Insiders have bought 31,500 shares of company stock worth $224,795 in the last quarter.

Large investors have recently modified their holdings of the stock. Rhumbline Advisers acquired a new stake in shares of Elevate Credit during the second quarter worth $117,000. New York State Common Retirement Fund acquired a new stake in shares of Elevate Credit during the second quarter worth $122,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Elevate Credit during the second quarter worth $146,000. Citadel Advisors LLC acquired a new stake in shares of Elevate Credit during the second quarter worth $163,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in shares of Elevate Credit during the second quarter worth $194,000. 0.33% of the stock is owned by institutional investors.

Elevate Credit Company Profile

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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