AlphaQuest LLC Buys 2,401 Shares of Dave Inc. $DAVE

AlphaQuest LLC boosted its stake in shares of Dave Inc. (NASDAQ:DAVE) by 125.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,318 shares of the fintech company’s stock after purchasing an additional 2,401 shares during the period. AlphaQuest LLC’s holdings in Dave were worth $1,159,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC bought a new position in Dave during the second quarter valued at approximately $141,000. Kingswood Wealth Advisors LLC bought a new position in Dave during the second quarter valued at approximately $208,000. Pallas Capital Advisors LLC bought a new position in Dave during the second quarter valued at approximately $227,000. Silver Oak Wealth Advisors Services LLC bought a new position in Dave during the second quarter valued at approximately $501,000. Finally, KLP Kapitalforvaltning AS lifted its position in Dave by 11.8% during the second quarter. KLP Kapitalforvaltning AS now owns 1,900 shares of the fintech company’s stock valued at $510,000 after purchasing an additional 200 shares during the period. Institutional investors own 18.01% of the company’s stock.

Insider Transactions at Dave

In other Dave news, Director Imran Khan sold 8,535 shares of Dave stock in a transaction 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 completion of the transaction, the director directly owned 48,885 shares of the company’s stock, valued at $10,642,264.50. This trade represents a 14.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Yadin Rozov sold 4,726 shares of Dave stock in a transaction on Friday, September 12th. The stock was sold at an average price of $228.06, for a total transaction of $1,077,811.56. Following the completion of the transaction, the director directly owned 75,197 shares of the company’s stock, valued at $17,149,427.82. The trade was a 5.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 226,943 shares of company stock valued at $50,301,987 over the last three months. Corporate insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DAVE. Canaccord Genuity Group increased their price objective 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. B. Riley increased their price objective on shares of Dave from $239.00 to $277.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Barrington Research reiterated an “outperform” rating and issued a $290.00 price target on shares of Dave in a research report on Monday, August 18th. Wall Street Zen downgraded shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Citigroup reiterated an “outperform” rating on shares of Dave in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $274.13.

Dave Stock Performance

Shares of NASDAQ DAVE opened at $248.67 on Friday. The firm has a fifty day moving average price of $212.16 and a 200-day moving average price of $194.44. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51. The stock has a market cap of $3.36 billion, a PE ratio of 65.79 and a beta of 3.88. Dave Inc. has a 1 year low of $37.44 and a 1 year high of $286.45.

Dave announced that its board has initiated a stock buyback program on Wednesday, August 13th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the fintech company to buy up to 5.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are 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.