On February 04, Elevate Credit Inc. (ELVT) announced its 2021 Q4 and full-year earnings release date for February 15, 2022. A conference call will be held by Jason Harvison (CEO) and Chad Bradford (Interim CFO) at 5:00 pm ET on the day. Following the news, the stock soared in the after-hours on Friday.
During regular trading, the stock barely kept in the green with a slight gain of 0.99% at its close of $3.07. Consequent to the announcement, ELVT gained a good 22.48% at an after-hours volume of 528.26K shares. Hence, the stock was trading at $3.76 per share in the after-hours on Friday.
The online financial services provider, Elevate Credit Inc. has a market capitalization of $99.99 million. Currently, its 32.57 million shares are outstanding in the market.
Collaboration with Central Pacific Bank
On January 27, the company announced a collaboration with Central Pacific Financial Corp. (CPF) for Swell. Central Pacific Financial Corp. is the parent company of Central Pacific Bank and Swell is a newly launched fintech company. ELVT is working on its expansion into the mainland U.S. through Swell.
As per the collaboration, Central Pacific will serve as the bank sponsor for Swell’s launch of a consumer banking app with an integrated account for checking, credit, and more. Moreover, the Elevate BlueprintTM platform will also be embedded into Swell’s fintech platform. Thus, enabling the offer of personal credit lines from the bank through Swell at below 24% APR. In addition, the company will also make an equity investment in Swell.
ELVT’s Other Developments
On December 16, the company announced the addition of Jay Bray to its Board of Directors. Mr. Bray is the Chairman and Chief Executive Officer of Mr. Cooper Group with vast experience of over 25 years in financial services. Furthermore, he was also added to the company’s Compensation Committee.
ELVT’s Financial Overview
In Q3 2021, ELVT has revenues of $112.8 million against $94.2 million in the year-ago quarter. Therefore, showing an increase of 20% year over year.
Additionally, the company had a net loss of $11.0 million in Q3 2021, against a net income of $21.1 million in Q3 of 2020.
Conclusion
It seems investors are expecting good things for the upcoming earnings release. While the stock was barely moving in the regular session, soon after the announcement of the earnings date it soared after hours. In conclusion, investors are hopeful for the upcoming earnings but only after the results are declared the actual situation will be unfolded that how ELVT performed in 2021.
