Short Interest in Elevate Credit, Inc. (ELVT) Increases By 55.7%
Elevate Credit, Inc. (NYSE:ELVT) was the target of a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 1,284,062 shares, a growth of 55.7% from the July 31st total of 824,495 shares. Currently, 10.7% of the shares of the company are sold short. Based on an average daily trading volume, of 270,316 shares, the short-interest ratio is presently 4.8 days.
In other Elevate Credit news, CFO Christopher Lutes bought 10,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $7.00 per share, for a total transaction of $70,000.00. Following the completion of the purchase, the chief financial officer now owns 60,000 shares of the company’s stock, valued at $420,000. The acquisition was disclosed in a filing with the SEC, which is available through this link.
Several large investors have recently modified their holdings of the company. California State Teachers Retirement System acquired a new stake in shares of Elevate Credit in the 2nd quarter worth approximately $202,000. Empyrean Capital Partners LP acquired a new stake in shares of Elevate Credit in the 2nd quarter worth approximately $20,322,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Elevate Credit in the 2nd quarter worth approximately $146,000. State Street Corp acquired a new stake in shares of Elevate Credit in the 2nd quarter worth approximately $1,176,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Elevate Credit in the 2nd quarter worth approximately $271,000. 51.85% of the stock is owned by institutional investors.
ELVT has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Elevate Credit from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Maxim Group initiated coverage on shares of Elevate Credit in a research note on Wednesday, July 12th. They set a “buy” rating and a $10.00 target price for the company. BTIG Research initiated coverage on shares of Elevate Credit in a research note on Thursday, July 6th. They set a “buy” rating and a $12.00 target price for the company. Finally, Stephens initiated coverage on shares of Elevate Credit in a research note on Wednesday, August 23rd. They set an “equal weight” rating and a $8.50 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Elevate Credit has an average rating of “Buy” and an average target price of $10.64.
Elevate Credit (ELVT) opened at 6.29 on Tuesday. The company’s 50-day moving average is $7.45 and its 200 day moving average is $7.73. Elevate Credit has a 12-month low of $5.94 and a 12-month high of $9.48. The stock’s market capitalization is $262.25 million.
Elevate Credit (NYSE:ELVT) last posted its earnings results on Monday, July 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.13. The firm had revenue of $150.50 million for the quarter, compared to analyst estimates of $157.38 million. Elevate Credit’s revenue for the quarter was up 18.7% on a year-over-year basis. On average, analysts predict that Elevate Credit will post $0.35 EPS for the current year.
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Elevate Credit Company Profile
Elevate Credit, Inc provides online credit solutions to non-prime consumers, typically defined as those with credit scores of less than 700. The Company uses advanced technology risk analytics to provide financial options to its customers, who are not well-served by either banks or legacy non-prime lenders.
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