Dave (NASDAQ:DAVE) Shares Gap Up After 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 trading hands.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group increased their price objective on Dave from $130.00 to $179.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. B. Riley lifted their price target on Dave from $206.00 to $239.00 and gave the stock a “buy” rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded Dave from a “sell” rating to a “hold” rating in a research report on Monday, May 12th. JMP Securities lifted their target price on shares of Dave from $125.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Friday, May 9th. Finally, Piper Sandler restated a “neutral” rating on shares of Dave in a report on Tuesday, June 10th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $227.50.

Insider Transactions at Dave

In other news, Director Michael W. Pope sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $215.82, for a total transaction of $3,237,300.00. Following the completion of the sale, the director now directly owns 8,168 shares of the company’s stock, valued at $1,762,817.76. This trade represents a 64.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yadin Rozov sold 5,500 shares of the business’s 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 completion of the sale, the director now directly owns 95,678 shares of the company’s stock, valued at approximately $19,799,605.32. The trade was a 5.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 294,960 shares of company stock valued at $62,575,325 over the last three months. Company insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

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

Dave Stock Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.59 and a current ratio of 8.59. The stock’s 50-day simple moving average is $176.61 and its two-hundred day simple moving average is $121.02. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 75.02 and a beta of 3.93.

Dave (NASDAQ:DAVE) last issued its quarterly 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 return on equity of 34.85% and a net margin of 13.75%. Analysts forecast that Dave Inc. will post 1.07 earnings per share for the current year.

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

About Dave

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.