Dave (NASDAQ:DAVE) Shares Gap Up Following Analyst Upgrade

Dave Inc. (NASDAQ:DAVE)’s stock price gapped up prior to trading on Monday after Benchmark raised their price target on the stock from $229.00 to $320.00. The stock had previously closed at $249.64, but opened at $259.69. Benchmark currently has a buy rating on the stock. Dave shares last traded at $272.59, with a volume of 56,225 shares.

DAVE has been the topic of a number of other research reports. BMO Capital Markets restated an “outperform” rating on shares of Dave in a research note on Tuesday, June 10th. Lake Street Capital upped their target price on Dave from $118.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Piper Sandler reissued a “neutral” rating on shares of Dave in a report on Tuesday, June 10th. Barrington Research reissued an “outperform” rating and issued a $250.00 price objective on shares of Dave in a report on Thursday, June 12th. Finally, Canaccord Genuity Group increased their price objective on Dave from $130.00 to $179.00 and gave the company a “buy” rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Dave presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.50.

Insider Activity at Dave

In other Dave news, Director Imran Khan sold 80,965 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $211.14, for a total value of $17,094,950.10. Following the sale, the director directly owned 98,886 shares of the company’s stock, valued at $20,878,790.04. This trade represents a 45.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Yadin Rozov sold 5,500 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $206.94, for a total value of $1,138,170.00. Following the completion of the sale, the director directly owned 95,678 shares in the company, valued at $19,799,605.32. This represents a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 294,960 shares of company stock valued at $62,575,325 over the last three months. Insiders own 28.48% of the company’s stock.

Institutional Trading of Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new stake in Dave Inc. (NASDAQ:DAVE) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 42,179 shares of the fintech company’s stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned 0.33% of Dave at the end of the most recent reporting period. 18.01% of the stock is currently owned by institutional investors and hedge funds.

Dave Price Performance

The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 71.81 and a beta of 3.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 8.59 and a quick ratio of 8.59. The business has a fifty day moving average price of $183.92 and a 200 day moving average price of $123.47.

Dave (NASDAQ:DAVE) last announced its quarterly earnings results on Thursday, May 8th. The fintech company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. On average, research analysts expect that Dave Inc. will post 1.07 earnings per share for the current fiscal year.

Dave declared that its Board of Directors has initiated a stock buyback program on Monday, March 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the fintech company to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Dave Company Profile

Dave, Inc is a digital banking service. Its products include a budgeting tool to help members manage their upcoming bills to avoid overspending, cash advances through its flagship ExtraCash product to help members avoid punitive overdraft fees, a Side Hustle product, where Dave helps connect members with supplemental work opportunities, and Dave Banking, a modern checking account experience with valuable tools for building long-term financial health.