Zacks Research Upgrades Dave (NASDAQ:DAVE) to Hold

Dave (NASDAQ:DAVE) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other analysts have also issued reports on the company. B. Riley upped their target price on Dave from $239.00 to $277.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Citizens Jmp upped their target price on Dave from $280.00 to $300.00 and gave the stock a “mkt outperform” rating in a research note on Friday, September 26th. JMP Securities upped their target price on Dave from $280.00 to $300.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. Citigroup reaffirmed an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group upped their target price on Dave from $179.00 to $229.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Dave has a consensus rating of “Moderate Buy” and an average target price of $274.13.

Dave Stock Up 5.0%

Shares of NASDAQ DAVE opened at $226.40 on Monday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 59.89 and a beta of 3.88. The business has a 50-day moving average of $210.06 and a 200-day moving average of $190.25. 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 has a 12 month low of $37.44 and a 12 month high of $286.45.

Dave announced that its board has authorized a share repurchase plan on Wednesday, August 13th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the fintech company to reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CEO Jason Wilk sold 81,693 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the completion of the sale, the chief executive officer owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. This represents a 27.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Imran Khan sold 8,535 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $217.70, for a total value of $1,858,069.50. Following the sale, the director directly owned 48,885 shares of the company’s stock, valued at approximately $10,642,264.50. This trade represents a 14.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 226,943 shares of company stock valued at $50,301,987. 28.48% of the stock is currently owned by company insiders.

Institutional Trading of Dave

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

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.