Dave (NASDAQ:DAVE) CEO Sells $18,812,264.04 in Stock

Dave Inc. (NASDAQ:DAVE) CEO Jason Wilk sold 81,693 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the completion of the transaction, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. The trade was a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Jason Wilk also recently made the following trade(s):

• On Friday, September 12th, Jason Wilk sold 15,359 shares of Dave stock. The shares were sold at an average price of $230.01, for a total transaction of $3,532,723.59.
• On Monday, September 15th, Jason Wilk sold 2,948 shares of Dave stock. The shares were sold at an average price of $230.01, for a total transaction of $678,069.48.
• On Thursday, September 4th, Jason Wilk sold 7,557 shares of Dave stock. The stock was sold at an average price of $199.40, for a total transaction of $1,506,865.80.

Dave Stock Performance

Shares of DAVE stock opened at $242.56 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. Dave Inc. has a one year low of $37.44 and a one year high of $286.45. The company’s 50-day simple moving average is $209.52 and its 200-day simple moving average is $172.21. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 64.17 and a beta of 3.94.

Dave declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 13th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the fintech company to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DAVE. Great Lakes Advisors LLC acquired a new position in shares of Dave during the first quarter valued at approximately $3,487,000. Pallas Capital Advisors LLC acquired a new position in shares of Dave during the second quarter valued at approximately $227,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Dave during the second quarter valued at approximately $591,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Dave during the second quarter valued at approximately $656,000. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Dave during the second quarter valued at approximately $621,000. Institutional investors and hedge funds own 18.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on DAVE. Piper Sandler reaffirmed a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. Barrington Research reaffirmed an “outperform” rating and set a $290.00 price target on shares of Dave in a research report on Monday, August 18th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Wall Street Zen cut shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Benchmark reiterated a “buy” rating and set a $320.00 price objective on shares of Dave in a research note on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Dave currently has an average rating of “Moderate Buy” and a consensus price target of $262.17.

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.