Dave (NASDAQ:DAVE) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Dave (NASDAQ:DAVE) from a buy rating to a hold rating in a report issued on Saturday.

A number of other analysts also recently commented on DAVE. 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. B. Riley increased their price objective on Dave from $239.00 to $277.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Lake Street Capital increased their price objective on Dave from $118.00 to $177.00 and gave the company a “buy” rating in a report on Friday, May 9th. Canaccord Genuity Group increased their price objective on Dave from $179.00 to $229.00 and gave the company a “buy” rating in a report on Friday. Finally, Benchmark reissued a “buy” rating and set a $320.00 price objective on shares of Dave in a report on Monday, July 14th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $262.17.

Dave Stock Performance

Shares of DAVE opened at $186.72 on Friday. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 49.40 and a beta of 3.95. The stock has a 50 day moving average of $223.75 and a 200 day moving average of $150.01. Dave has a 12 month low of $30.20 and a 12 month high of $286.45.

Insider Buying and Selling

In other news, CEO Jason Wilk sold 172,667 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $211.95, for a total value of $36,596,770.65. Following the completion of the transaction, the chief executive officer directly owned 225,411 shares of the company’s stock, valued at $47,775,861.45. This trade represents a 43.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yadin Rozov sold 5,500 shares of the firm’s 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 transaction, the director directly owned 95,678 shares of the company’s stock, valued at $19,799,605.32. The trade was a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 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.

Hedge Funds Weigh In On Dave

A number of large investors have recently made changes to their positions in DAVE. Leavell Investment Management Inc. boosted its stake in Dave by 4.6% during the second quarter. Leavell Investment Management Inc. now owns 4,510 shares of the fintech company’s stock valued at $1,211,000 after buying an additional 200 shares during the period. AlphaQuest LLC boosted its stake in Dave by 125.2% during the second quarter. AlphaQuest LLC now owns 4,318 shares of the fintech company’s stock valued at $1,159,000 after buying an additional 2,401 shares during the period. Catalyst Capital Advisors LLC bought a new stake in Dave during the second quarter valued at $141,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Dave during the second quarter valued at $913,000. Finally, Silver Oak Wealth Advisors Services LLC bought a new stake in Dave during the second quarter valued at $501,000. 18.01% of the stock is owned by institutional investors.

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.