Illinois-based fintech firm, Enova International, Inc. (NYSE: ENVA) provides various online financial services. They include short-term consumer loans, line of credit accounts, installment loans, receivables purchase agreements, and more. It is a mid-cap firm with a market capitalization of $1.12 billion.
Latest Quarter Concall Transcript
The ENVA stock price has fallen despite a great financial performance by the company in the third quarter of 2023. The overall sales of the organization expanded by 21% and arrived at a record-breaking number of $551 million. The adjusted earnings per share came up to $1.5. Besides, the complete joined credits and receivables of the organization expanded by 15% from the end of the third quarter and clocked up to $3.1 billion.
The credit execution and standpoint of the organization stayed solid, with a third-quarter net income edge of 58%. Moreover, the fair worth of the diversified portfolio gave an increase of 114% as of September end.
Cash is up
When dug into the balance sheet, we found that the company is also very liquid. The cash and marketable securities added up to $952 million by the end of this September. The organization likewise repurchased $36 million of common stock under its portion repurchase program. It bought $10 million of senior notes during the same quarter.
Enova’s CFO, Steve Cunningham, said that the company is doing well financially and can get funding to support growth. They have many different products and a strong position in the market. It shows the company can give the money back to their shareholders in the form of both dividends and capital growth and keep creating value for their investors.
Technical Analysis and Prediction of the ENVA Stock Price
At the press time, the ENVA stock price is trading at the level of $36.1 after falling from $46.04 in just 2 days. The immediate resistance is at the level of $40.9 while the immediate support is at $35.68. Moving forward to the Moving averages, the 50-day EMA price is $49.1, while the 150-day EMA price is $48.6.
The RSI has fallen below its oversold zone and is currently at 16. Looking at the price action, it is predicted that the stock will be bullish. In the minimum time frame, the bulls are holding on to the current support since the ENVA stock went near its demand zone.
Conclusion
Enova International, Inc. (NYSE: ENVA) facilitates online financial services. The company has reported consistent growth in its revenues while maintaining optimum cash. The ENVA stock price has fallen despite its fundamental growth, while the prediction is bullish looking at the price action.
Technical Levels
- Support: $35.6, and $30.1
- Resistance: $40.9, and $44.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/26/enva-stock-price-sales-grew-by-21-what-investors-are-missing/