Dave’s (DAVE) “Buy” Rating Reaffirmed at Benchmark

Dave (NASDAQ:DAVE)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a research report issued on Monday, Marketbeat Ratings reports. They presently have a $320.00 price target on the fintech company’s stock, up from their previous price target of $229.00. Benchmark’s price target would suggest a potential upside of 18.51% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. Lake Street Capital boosted their target price on Dave from $118.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, May 9th. JMP Securities lifted their price objective on shares of Dave from $125.00 to $200.00 and gave the company a “market outperform” rating in a report on Friday, May 9th. Barrington Research restated an “outperform” rating and set a $250.00 target price on shares of Dave in a report on Thursday, June 12th. Piper Sandler reaffirmed a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Dave has an average rating of “Moderate Buy” and a consensus price target of $227.50.

Dave Stock Up 3.6%

DAVE traded up $9.36 during trading on Monday, reaching $270.03. The company had a trading volume of 362,354 shares, compared to its average volume of 439,456. The company has a market cap of $3.60 billion, a P/E ratio of 74.39 and a beta of 3.98. Dave has a 12 month low of $28.74 and a 12 month high of $280.31. 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’s fifty day moving average price is $187.60 and its 200 day moving average price is $124.70.

Dave (NASDAQ:DAVE) last posted its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 EPS for the quarter, beating the consensus estimate of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. Equities analysts anticipate that Dave will post 1.07 EPS for the current year.

Dave announced that its Board of Directors has initiated a stock buyback plan on Monday, March 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the fintech company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Imran Khan sold 80,965 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.14, for a total transaction of $17,094,950.10. Following the transaction, the director directly owned 98,886 shares of the company’s stock, valued at approximately $20,878,790.04. The trade was a 45.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 172,667 shares of the firm’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $211.95, for a total value of $36,596,770.65. Following the sale, the chief executive officer directly owned 225,411 shares of the company’s stock, valued at $47,775,861.45. This represents a 43.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,960 shares of company stock worth $62,575,325. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

A hedge fund recently bought a new stake in Dave stock. Great Lakes Advisors LLC bought a new position in shares of Dave Inc. (NASDAQ:DAVE) during the first quarter, according to the company in its most recent filing with the Securities & 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 quarter. Institutional investors and hedge funds own 18.01% of the company’s stock.

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.