Elevate Credit, Inc. (ELVT), a company that provides online credit solutions to non-prime consumers in the US, has surged 22.48% in aftermarket trading session and consequently is trading at $3.76 at the time of the writing. During Friday’s regular trading session, the stock gained a nominal increase of 0.99% and closed the day at $3.07. The surge in aftermarket could be attributed to a couple of announcements from the company on Friday.
ELVT Earnings Release for Q4 and FY2022
In the late hours of Friday, ELVT announced that it would release the fourth quarter and full-year 2021 results on Tuesday, 15th of February 2022. The press release said that the Chief Executive Officer of the company, Jason Harvison, and Interim Chief Financial Officer Chad Bradford will host a conference call on the same day, i.e. Tuesday for discussing the financial results with the participants.
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Filing of Form-8K
On the same day, i.e. Friday, ELVT filed form 8-K with the Securities and Exchange Commission (SEC). The filing said that Elevate Credit has reached an agreement for settling its legacy litigation with regards to the company’s spin-off from Think Finance and Think Finance’s alleged insolvency at the time of the spin-off in 2014. As a consequence of the said settlement, Elevate would purchase 924,495 shares of Think Finance, held by the company’s litigation trustee. Elevate would pay $33 million to the company for the said purpose.
Launch of Fintech Platform
On 27th January, ELVT announced that it was working with the Central Pacific Financial Corporation. Central Pacific Financial Corporation is the parent company of Central Pacific Bank. The bank is looking to expand its presence in mainland US through Swell, a fintech company that has just started its operations. The Blueprint platform of Elevate would embed into the broader fintech platform of Swell, which in turn would enable the bank to offer personal lines of credit through the Swell at the APR’s less than 24%.
Future Outlook for ELVT
During the last three months, ELVT stock has declined by approximately 20%, but the more recent stats are depicting a more optimistic picture for the stock. Looking ahead, the analysts believe that the short-term signals are positive for the stock; hence, the current trend suggests a buying opportunity for the stock.
