Goldman Sachs Group Inc. Sells 82,644 Shares of Dave Inc. $DAVE

Goldman Sachs Group Inc. decreased its holdings in shares of Dave Inc. (NASDAQ:DAVE) by 47.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 91,347 shares of the fintech company’s stock after selling 82,644 shares during the period. Goldman Sachs Group Inc. owned approximately 0.68% of Dave worth $7,551,000 at the end of the most recent reporting period.

Separately, Great Lakes Advisors LLC bought a new stake in shares of Dave during the 1st quarter valued at $3,487,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.

Insider Transactions at Dave

In other news, CEO Jason Wilk sold 7,557 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $199.40, for a total transaction of $1,506,865.80. Following the completion of the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at $43,440,087.60. This represents a 3.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael W. Pope sold 15,000 shares of the 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 transaction, the director owned 8,168 shares of the company’s stock, valued at approximately $1,762,817.76. This represents a 64.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,736 shares of company stock worth $9,123,441 in the last three months. Insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on DAVE shares. Canaccord Genuity Group upped their target price on shares of Dave from $179.00 to $229.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Wall Street Zen cut shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Citigroup restated an “outperform” rating on shares of Dave in a research report on Thursday, August 7th. Piper Sandler restated a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. Finally, Benchmark restated a “buy” rating and issued a $320.00 price objective on shares of Dave in a research report on Monday, July 14th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Dave currently has an average rating of “Moderate Buy” and a consensus price target of $262.17.

Dave Price Performance

Shares of NASDAQ DAVE opened at $229.42 on Friday. The firm has a market cap of $3.10 billion, a PE ratio of 60.69 and a beta of 3.93. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. Dave Inc. has a 1-year low of $35.22 and a 1-year high of $286.45. The company has a fifty day moving average price of $210.98 and a 200 day moving average price of $166.35.

Dave announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 13th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the fintech company to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.