Sequoia Capital Growth Fund Ii Sells 39,065 Shares of Elevate Credit Inc (NYSE:ELVT) Stock

Elevate Credit Inc (NYSE:ELVT) major shareholder Sequoia Capital Growth Fund Ii sold 39,065 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $4.29, for a total value of $167,588.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Sequoia Capital Growth Fund Ii also recently made the following trade(s):

  • On Thursday, June 6th, Sequoia Capital Growth Fund Ii sold 42,181 shares of Elevate Credit stock. The shares were sold at an average price of $4.28, for a total value of $180,534.68.
  • On Monday, June 3rd, Sequoia Capital Growth Fund Ii sold 43,380 shares of Elevate Credit stock. The shares were sold at an average price of $4.20, for a total value of $182,196.00.

Shares of NYSE ELVT opened at $4.49 on Friday. Elevate Credit Inc has a 52-week low of $3.71 and a 52-week high of $11.27. The company has a market cap of $193.11 million, a price-to-earnings ratio of 11.51 and a beta of 1.57. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.10 and a current ratio of 1.10.

Elevate Credit (NYSE:ELVT) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.13. Elevate Credit had a return on equity of 18.02% and a net margin of 2.09%. The firm had revenue of $189.50 million for the quarter, compared to analysts’ expectations of $195.52 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Elevate Credit’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities research analysts predict that Elevate Credit Inc will post 0.6 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Elevate Credit by 12.4% in the 3rd quarter. Vanguard Group Inc. now owns 990,375 shares of the company’s stock worth $7,983,000 after purchasing an additional 109,257 shares during the last quarter. Rhumbline Advisers increased its position in Elevate Credit by 55.1% in the 4th quarter. Rhumbline Advisers now owns 26,497 shares of the company’s stock worth $119,000 after purchasing an additional 9,408 shares during the last quarter. First Trust Advisors LP increased its position in Elevate Credit by 18.7% in the 4th quarter. First Trust Advisors LP now owns 32,701 shares of the company’s stock worth $147,000 after purchasing an additional 5,148 shares during the last quarter. Stephens Inc. AR increased its position in Elevate Credit by 72.2% in the 4th quarter. Stephens Inc. AR now owns 31,000 shares of the company’s stock worth $139,000 after purchasing an additional 13,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased 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 worth $449,000 after purchasing an additional 44,609 shares during the last quarter. Institutional investors and hedge funds own 50.58% of the company’s stock.

Several analysts have issued reports on ELVT shares. UBS Group cut Elevate Credit from a “buy” rating to a “neutral” rating and set a $5.00 price objective on the stock. in a research note on Friday, February 22nd. ValuEngine cut Elevate Credit from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. BTIG Research cut Elevate Credit from a “buy” rating to a “neutral” rating and set a $4.66 price objective on the stock. in a research note on Thursday, February 14th. Finally, Zacks Investment Research cut Elevate Credit from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.65.

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About Elevate Credit

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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