Technology Crossover Management, Chief Financial Officer Christopher Lutes and Director Tyler Head purchased a combined total of 124,002 shares of Elevate Credit Inc. (ELVT, Financial) on April 10 and 11.
Technology Crossover Management purchased 80,000 shares on April 10 for an average price of $6.5 per share. It now owns over six million shares of Elevate Credit.
Lutes purchased 40,000 shares on April 11 for an average price of $6.5 per share. He now owns 153,822 shares total.
Head bought 4,002 shares of the company on April 11 for an average price of $6.5 per share, bringing his total holding to over 3.18 million shares.
Headquartered in Fort Worth, Texas, Elevate Credit provides online credit solutions to non-prime consumers, who are typically defined as those with credit scores lower 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.
Its products, Rise, Elastic and Sunny, provide customers with access to priced credit and services while helping them with credit building and financial wellness features. Its products include credit building and financial wellness programs, such as credit reporting, free credit monitoring and online financial literacy videos and tools.
The company has a market cap of $305.33 million, an enterprise value of $745.26 million, a price-book (P/B) ratio of 22.47 and a quick ratio of 0.96.
According to GuruFocus, Elevate Credit has a 4 of 10 financial strength rating with a cash to debt ratio of 0.11 and an equity-asset ratio of 0.02.
The company has a 3 of 10 profitability and growth rating. It has an operating margin of 13.05%, a net margin of 0.37%, a return on assets (ROA) of 0.35%, a 6.05% return on equity (ROE)Â Â and a return on capital (ROC)Â of 16.27%.
The company had its initial public offering (IPO) on April 6, offering 12.4 million shares of common stock at a price of $6.50 per share. In addition, Elevate granted the underwriters a 30-day option to purchase up to an additional 1.86 million shares.
Elevate announced the closing of its initial public offering on April 11. In connection with the closing, the underwriters fully exercised their option to purchase additional shares.
Elevate has now sold a total of 14.26 million shares of its common stock in connection with its initial public offering for total net proceeds of approximately $81 million.
Disclosure: Author does not own any shares of this company.
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