Elevate Credit (ELVT) Hits New 12-Month Low Following Weak Earnings

Elevate Credit Inc (NYSE:ELVT) shares hit a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $3.82 and last traded at $3.87, with a volume of 103228 shares traded. The stock had previously closed at $6.35.

The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.23). The company had revenue of $201.48 million during the quarter, compared to analyst estimates of $201.71 million. Elevate Credit had a net margin of 0.14% and a return on equity of 12.68%. Elevate Credit’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 EPS.

A number of analysts recently issued reports on ELVT shares. Zacks Investment Research raised Elevate Credit from a “hold” rating to a “strong-buy” rating and set a $9.75 target price on the stock in a research report on Monday, July 2nd. ValuEngine raised Elevate Credit from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Maxim Group lifted their target price on Elevate Credit from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 10th. JMP Securities lifted their target price on Elevate Credit from $10.00 to $12.50 and gave the company a “market outperform” rating in a research report on Thursday, July 12th. Finally, Stephens set a $9.00 target price on Elevate Credit and gave the company a “hold” rating in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $10.42.

A number of hedge funds and other institutional investors have recently made changes to their positions in ELVT. BlackRock Inc. increased its position in Elevate Credit by 27.4% during the second quarter. BlackRock Inc. now owns 1,058,585 shares of the company’s stock worth $8,956,000 after buying an additional 227,746 shares during the last quarter. Osborn Williams & Donohoe LLC acquired a new position in Elevate Credit during the second quarter worth approximately $1,785,000. Renaissance Technologies LLC acquired a new position in Elevate Credit during the second quarter worth approximately $1,386,000. State Board of Administration of Florida Retirement System acquired a new position in Elevate Credit during the second quarter worth approximately $1,350,000. Finally, Prescott Group Capital Management L.L.C. increased its position in Elevate Credit by 18.1% during the second quarter. Prescott Group Capital Management L.L.C. now owns 616,979 shares of the company’s stock worth $5,220,000 after buying an additional 94,488 shares during the last quarter. 45.98% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market capitalization of $281.61 million, a price-to-earnings ratio of 23.69 and a beta of 1.00.

Elevate Credit Company Profile (NYSE:ELVT)

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 and lines of credit. Its products include Rise installment loan and line of credit products; Elastic, a line of credit product; and Sunny installment loan products.

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