Short Interest in Elevate Credit Inc (NYSE:ELVT) Increases By 17.4%

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Elevate Credit Inc (NYSE:ELVT) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 373,500 shares, a growth of 17.4% from the December 15th total of 318,100 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 115,800 shares, the short-interest ratio is currently 3.2 days.

ELVT has been the subject of several recent analyst reports. William Blair reiterated a “market perform” rating on shares of Elevate Credit in a research note on Tuesday, November 5th. ValuEngine downgraded shares of Elevate Credit from a “hold” rating to a “sell” rating in a research note on Wednesday, October 30th. Zacks Investment Research raised shares of Elevate Credit from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Monday, January 6th. Finally, Stephens cut shares of Elevate Credit from an “equal weight” rating to an “underweight” rating in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Elevate Credit has an average rating of “Hold” and an average target price of $6.50.

In related news, major shareholder Scff Management Llc sold 65,087 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $4.10, for a total value of $266,856.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth E. Rees sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $4.04, for a total transaction of $60,600.00. Following the completion of the sale, the director now owns 471,342 shares of the company’s stock, valued at $1,904,221.68. The disclosure for this sale can be found here. Insiders sold a total of 326,126 shares of company stock valued at $1,326,180 over the last quarter. 17.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in ELVT. Wells Fargo & Company MN raised its holdings in Elevate Credit by 8.6% in the 2nd quarter. Wells Fargo & Company MN now owns 44,200 shares of the company’s stock valued at $182,000 after acquiring an additional 3,507 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Elevate Credit by 54.6% during the second quarter. JPMorgan Chase & Co. now owns 47,712 shares of the company’s stock worth $198,000 after purchasing an additional 16,845 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Elevate Credit during the second quarter worth approximately $66,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Elevate Credit by 15.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 49,257 shares of the company’s stock worth $203,000 after purchasing an additional 6,484 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Elevate Credit by 30.9% during the second quarter. Renaissance Technologies LLC now owns 799,847 shares of the company’s stock worth $3,295,000 after purchasing an additional 188,747 shares during the period. 48.14% of the stock is currently owned by hedge funds and other institutional investors.

Elevate Credit stock remained flat at $$4.43 during trading hours on Tuesday. 173,669 shares of the company’s stock traded hands, compared to its average volume of 142,974. The stock has a market capitalization of $196.50 million, a price-to-earnings ratio of 11.36 and a beta of 1.35. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.11. Elevate Credit has a 52-week low of $3.71 and a 52-week high of $5.21. The business’s 50 day moving average is $4.33 and its 200-day moving average is $4.31.

Elevate Credit (NYSE:ELVT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.10. The firm had revenue of $192.80 million for the quarter, compared to analysts’ expectations of $193.34 million. Elevate Credit had a net margin of 3.65% and a return on equity of 20.93%. The business’s revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.10) EPS. Equities analysts expect that Elevate Credit will post 0.69 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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