Elevate Credit (ELVT) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Elevate Credit (NYSE:ELVT) from a hold rating to a buy rating in a research note published on Friday. Zacks Investment Research currently has $8.75 target price on the stock.

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 brokerages have also weighed in on ELVT. Maxim Group reaffirmed a buy rating and issued a $10.00 target price on shares of Elevate Credit in a research report on Tuesday, October 31st. Credit Suisse Group dropped their target price on Elevate Credit from $11.00 to $10.50 and set an outperform rating on the stock in a research report on Thursday, November 16th. BidaskClub raised Elevate Credit from a strong sell rating to a sell rating in a research report on Saturday, October 7th. Finally, JMP Securities started coverage on Elevate Credit in a research report on Tuesday, December 12th. They issued an outperform rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Elevate Credit presently has a consensus rating of Buy and a consensus target price of $10.31.

Shares of Elevate Credit (NYSE:ELVT) traded down $0.01 on Friday, reaching $7.74. The company had a trading volume of 192,232 shares, compared to its average volume of 281,651. Elevate Credit has a 52-week low of $5.90 and a 52-week high of $9.48. The company has a market capitalization of $324.00 and a PE ratio of 387.00.

Elevate Credit (NYSE:ELVT) last announced its quarterly earnings data on Monday, October 30th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Elevate Credit had a return on equity of 1.40% and a net margin of 0.13%. The firm had revenue of $172.80 million for the quarter, compared to analysts’ expectations of $175.00 million. During the same period last year, the business posted ($1.25) earnings per share. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. equities analysts forecast that Elevate Credit will post 0.28 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers acquired a new stake in Elevate Credit in the second quarter worth $117,000. New York State Common Retirement Fund acquired a new position in shares of Elevate Credit during the second quarter valued at $122,000. BlueCrest Capital Management Ltd acquired a new position in shares of Elevate Credit during the second quarter valued at $146,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Elevate Credit during the third quarter valued at $126,000. Finally, Citadel Advisors LLC acquired a new position in shares of Elevate Credit during the second quarter valued at $163,000. 52.07% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Elevate Credit (NYSE:ELVT)

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