Elevate Credit Inc (NYSE:ELVT) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 268,600 shares, a growth of 42.9% from the August 15th total of 187,900 shares. Currently, 1.4% of the company’s stock are sold short. Based on an average trading volume of 444,600 shares, the days-to-cover ratio is currently 0.6 days.
ELVT has been the topic of a number of recent research reports. Zacks Investment Research raised Elevate Credit from a “hold” rating to a “strong-buy” rating and set a $2.50 price objective on the stock in a research report on Wednesday, September 9th. TheStreet raised Elevate Credit from a “d+” rating to a “c” rating in a research report on Thursday, August 20th. ValuEngine lowered Elevate Credit from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 27th. Finally, Maxim Group reaffirmed a “hold” rating on shares of Elevate Credit in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $2.83.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Elevate Credit by 1,134.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 617,033 shares of the company’s stock worth $913,000 after buying an additional 567,033 shares during the period. Bridgeway Capital Management Inc. boosted its stake in shares of Elevate Credit by 48.5% during the second quarter. Bridgeway Capital Management Inc. now owns 1,059,500 shares of the company’s stock worth $1,568,000 after buying an additional 346,100 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Elevate Credit by 87.0% during the first quarter. Acadian Asset Management LLC now owns 451,947 shares of the company’s stock worth $471,000 after buying an additional 210,248 shares during the period. Weber Alan W acquired a new stake in shares of Elevate Credit during the first quarter worth about $125,000. Finally, Globeflex Capital L P boosted its stake in shares of Elevate Credit by 101.3% during the first quarter. Globeflex Capital L P now owns 228,419 shares of the company’s stock worth $238,000 after buying an additional 114,958 shares during the period. Institutional investors own 30.46% of the company’s stock.
Elevate Credit (NYSE:ELVT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.18. Elevate Credit had a net margin of 2.47% and a return on equity of 24.93%. The company had revenue of $117.99 million during the quarter, compared to the consensus estimate of $164.38 million. Sell-side analysts expect that Elevate Credit will post 0.78 earnings per share for the current fiscal year.
Elevate Credit Company Profile
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.
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