Share Buyback Program Declared by Dave (NASDAQ:DAVE) Board

Dave (NASDAQ:DAVE) declared that its board has initiated a stock buyback program on Wednesday, August 13th, RTT News reports. The company plans to buyback $125.00 million in outstanding shares. This buyback authorization permits the fintech company to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Dave Trading Up 0.3%

NASDAQ:DAVE opened at $201.06 on Friday. The stock’s 50 day moving average price is $222.94 and its 200 day moving average price is $151.74. The company has a market capitalization of $2.68 billion, a PE ratio of 53.19 and a beta of 3.95. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. Dave has a 52-week low of $31.75 and a 52-week high of $286.45.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DAVE. Canaccord Genuity Group increased their price target on Dave from $179.00 to $229.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Piper Sandler reaffirmed a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. Lake Street Capital increased their price target on Dave from $118.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, May 9th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Finally, JMP Securities set a $280.00 price target on Dave and gave the company a “market outperform” rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Dave presently has an average rating of “Moderate Buy” and a consensus price target of $262.17.

Insider Transactions at Dave

In other Dave news, Director Yadin Rozov sold 5,500 shares of Dave stock in a transaction that occurred 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 transaction, the director directly owned 95,678 shares in the company, valued at approximately $19,799,605.32. This trade represents a 5.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael W. Pope sold 15,000 shares of Dave stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $215.82, for a total value of $3,237,300.00. Following the completion of the sale, the director owned 8,168 shares in the company, valued at approximately $1,762,817.76. This trade represents a 64.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 294,960 shares of company stock worth $62,575,325. 28.48% of the stock is owned by corporate insiders.

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.