Zacks Investment Research cut shares of Elevate Credit, Inc. (NYSE:ELVT) from a hold rating to a sell rating in a research note published on Tuesday.

According to Zacks, “Elevate Credit, Inc. offer online credit solutions to non-prime consumers. The Company offers online installment loans and lines of credits. Its products include credit building, financial wellness programs, credit reporting, free credit monitoring and online financial literacy videos and tools. Elevate Credit, Inc. is based in Forth Worth, United States. “

Several other research analysts also recently commented on the stock. Maxim Group started coverage on shares of Elevate Credit in a research note on Wednesday, July 12th. They set a buy rating and a $10.00 price target on the stock. BTIG Research started coverage on shares of Elevate Credit in a research note on Thursday, July 6th. They set a buy rating and a $12.00 price target on the stock. Finally, Stephens started coverage on shares of Elevate Credit in a research note on Wednesday, August 23rd. They set an equal weight rating and a $8.50 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $10.64.

Elevate Credit (ELVT) traded up 0.33% during trading on Tuesday, reaching $6.09. 59,612 shares of the company were exchanged. Elevate Credit has a one year low of $5.94 and a one year high of $9.48. The firm’s 50-day moving average is $6.88 and its 200 day moving average is $7.62. The company’s market capitalization is $253.91 million.

Elevate Credit (NYSE:ELVT) last announced its earnings results on Monday, July 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.13. The company had revenue of $150.50 million for the quarter, compared to the consensus estimate of $157.38 million. The company’s revenue was up 18.7% compared to the same quarter last year. On average, analysts anticipate that Elevate Credit will post $0.35 EPS for the current fiscal year.

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In other news, CFO Christopher Lutes bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average cost of $7.00 per share, with a total value of $70,000.00. Following the completion of the purchase, the chief financial officer now directly owns 60,000 shares in the company, valued at $420,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System purchased a new position in shares of Elevate Credit in the second quarter worth $202,000. Empyrean Capital Partners LP purchased a new position in Elevate Credit during the 2nd quarter valued at $20,322,000. BlueCrest Capital Management Ltd purchased a new position in Elevate Credit during the 2nd quarter valued at $146,000. State Street Corp purchased a new position in Elevate Credit during the 2nd quarter valued at $1,176,000. Finally, Goldman Sachs Group Inc. purchased a new position in Elevate Credit during the 2nd quarter valued at $271,000. 51.85% of the stock is currently owned by institutional investors.

About Elevate Credit

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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Analyst Recommendations for Elevate Credit (NYSE:ELVT)

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