Elevate Credit Inc (NYSE:ELVT) Short Interest Update

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Elevate Credit Inc (NYSE:ELVT) was the recipient of a large decrease in short interest in the month of August. As of August 15th, there was short interest totalling 152,600 shares, a decrease of 27.1% from the July 15th total of 209,400 shares. Currently, 0.8% of the company’s stock are sold short. Based on an average trading volume of 121,700 shares, the short-interest ratio is currently 1.3 days.

In related news, major shareholder Scff Management Llc sold 92,764 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $4.25, for a total value of $394,247.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth E. Rees sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $4.95, for a total value of $74,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 826,550 shares of company stock worth $3,537,187 in the last quarter. Company insiders own 17.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in ELVT. Bank of New York Mellon Corp lifted its position in Elevate Credit by 80.2% in the 4th quarter. Bank of New York Mellon Corp now owns 100,229 shares of the company’s stock valued at $449,000 after acquiring an additional 44,609 shares in the last quarter. Geode Capital Management LLC lifted its position in Elevate Credit by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 173,812 shares of the company’s stock valued at $778,000 after acquiring an additional 9,877 shares in the last quarter. Bank of America Corp DE lifted its position in Elevate Credit by 270.2% in the 4th quarter. Bank of America Corp DE now owns 30,765 shares of the company’s stock valued at $138,000 after acquiring an additional 22,455 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Elevate Credit in the 1st quarter valued at approximately $45,000. Finally, Spark Investment Management LLC lifted its position in Elevate Credit by 10.4% in the 1st quarter. Spark Investment Management LLC now owns 145,500 shares of the company’s stock valued at $631,000 after acquiring an additional 13,700 shares in the last quarter. 51.35% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently weighed in on ELVT. BTIG Research restated a “buy” rating and issued a $6.00 price target on shares of Elevate Credit in a research note on Tuesday, July 16th. ValuEngine upgraded Elevate Credit from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research downgraded Elevate Credit from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.25.

ELVT stock traded down $0.16 during midday trading on Tuesday, hitting $4.30. The company’s stock had a trading volume of 78,561 shares, compared to its average volume of 139,559. The company has a market cap of $194.63 million, a PE ratio of 11.03 and a beta of 1.40. Elevate Credit has a 12 month low of $3.71 and a 12 month high of $9.75. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.12. The firm’s 50-day moving average is $4.55 and its 200-day moving average is $4.45.

Elevate Credit (NYSE:ELVT) last released its quarterly earnings data on Monday, July 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.06. The business had revenue of $177.76 million for the quarter, compared to analysts’ expectations of $187.48 million. Elevate Credit had a return on equity of 19.19% and a net margin of 2.45%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS. Analysts expect that Elevate Credit will post 0.6 earnings per share for the current 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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