Dave (NASDAQ:DAVE) Hits New 1-Year High – What’s Next?

Shares of Dave Inc (NASDAQ:DAVE) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $233.59 and last traded at $231.67, with a volume of 389066 shares traded. The stock had previously closed at $224.58.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Benchmark downgraded shares of Dave from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. B. Riley raised their price objective on shares of Dave from $206.00 to $239.00 and gave the stock a “buy” rating in a research report on Tuesday, May 27th. Barrington Research raised their price objective on shares of Dave from $90.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. Lake Street Capital raised their price objective on shares of Dave from $118.00 to $177.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Dave from a “sell” rating to a “hold” rating in a research report on Monday, May 12th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $189.00.

Dave Price Performance

The company’s fifty day moving average price is $143.40 and its 200 day moving average price is $110.20. The company has a market capitalization of $3.09 billion, a P/E ratio of 74.02 and a beta of 3.93. The company has a quick ratio of 6.81, a current ratio of 6.81 and a debt-to-equity ratio of 0.48.

Dave (NASDAQ:DAVE) last announced its earnings results on Thursday, May 8th. The fintech company reported $1.97 EPS for the quarter, topping the consensus estimate of $0.82 by $1.15. Dave had a net margin of 12.92% and a return on equity of 17.16%. As a group, sell-side analysts forecast that Dave Inc will post 1.07 EPS for the current year.

Dave declared that its Board of Directors has approved a stock buyback program on Monday, March 10th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the fintech company to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Dave

In related news, Director Yadin Rozov sold 5,500 shares of Dave stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total value of $1,138,170.00. Following the transaction, the director now directly owns 95,678 shares of the company’s stock, valued at $19,799,605.32. This trade represents a 5.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

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

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.