Elevate Credit (NYSE:ELVT) Cut to “Strong Sell” at ValuEngine

ValuEngine downgraded shares of Elevate Credit (NYSE:ELVT) from a sell rating to a strong sell rating in a research report report published on Saturday morning, ValuEngine reports.

A number of other brokerages have also commented on ELVT. UBS Group dropped their price target on Elevate Credit from $5.50 to $2.00 and set a neutral rating for the company in a research note on Monday, May 11th. Zacks Investment Research lowered Elevate Credit from a hold rating to a sell rating in a research note on Wednesday, June 24th. Credit Suisse Group dropped their price target on Elevate Credit from $4.75 to $4.00 and set an outperform rating for the company in a research note on Thursday, May 7th. Finally, Maxim Group reaffirmed a hold rating on shares of Elevate Credit in a research note on Tuesday, May 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $3.31.

Shares of Elevate Credit stock opened at $1.58 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.15 and a current ratio of 1.15. Elevate Credit has a 52-week low of $0.89 and a 52-week high of $5.98. The stock has a market capitalization of $70.29 million, a price-to-earnings ratio of 4.94 and a beta of 3.29. The company’s 50 day moving average price is $1.96 and its 200-day moving average price is $2.90.

Elevate Credit (NYSE:ELVT) last issued its earnings results on Wednesday, May 6th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Elevate Credit had a net margin of 1.89% and a return on equity of 17.92%. The firm had revenue of $177.46 million for the quarter, compared to analysts’ expectations of $186.29 million. As a group, equities research analysts forecast that Elevate Credit will post 0.67 earnings per share for the current fiscal year.

In other Elevate Credit news, major shareholder Scff Management Llc sold 180,668 shares of the firm’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $1.47, for a total transaction of $265,581.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Scgf Iii Management Llc sold 56,693 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $0.98, for a total value of $55,559.14. The disclosure for this sale can be found here. Insiders have sold 346,075 shares of company stock valued at $463,022 in the last three months. Insiders own 18.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp raised its position in shares of Elevate Credit by 1.3% in the 4th quarter. State Street Corp now owns 299,120 shares of the company’s stock worth $1,331,000 after purchasing an additional 3,756 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Elevate Credit by 35.9% in the 4th quarter. Meeder Asset Management Inc. now owns 18,523 shares of the company’s stock worth $83,000 after purchasing an additional 4,895 shares during the last quarter. UBS Group AG raised its position in shares of Elevate Credit by 26.9% in the 4th quarter. UBS Group AG now owns 30,804 shares of the company’s stock worth $137,000 after purchasing an additional 6,522 shares during the last quarter. Barclays PLC raised its position in shares of Elevate Credit by 102.5% in the 4th quarter. Barclays PLC now owns 22,447 shares of the company’s stock worth $100,000 after purchasing an additional 11,363 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Elevate Credit by 15.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 91,214 shares of the company’s stock worth $406,000 after purchasing an additional 12,248 shares during the last quarter. 34.18% of the stock is owned by hedge funds and other institutional investors.

About Elevate Credit

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.

Further Reading: Beta

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Analyst Recommendations for Elevate Credit (NYSE:ELVT)

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