3,500 Dave Inc. $DAVE Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its position in shares of Dave Inc. (NASDAQ:DAVE) by 38.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,600 shares of the fintech company’s stock after selling 3,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Dave were worth $1,800,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in Dave by 20.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 253,173 shares of the fintech company’s stock worth $44,069,000 after acquiring an additional 42,262 shares during the last quarter. Estuary Capital Management LP bought a new position in shares of Dave during the first quarter valued at about $20,556,000. Cooper Creek Partners Management LLC bought a new position in shares of Dave during the first quarter valued at about $18,313,000. Sei Investments Co. raised its stake in shares of Dave by 21.4% during the first quarter. Sei Investments Co. now owns 98,435 shares of the fintech company’s stock valued at $17,135,000 after acquiring an additional 17,320 shares during the last quarter. Finally, Globeflex Capital L P purchased a new stake in shares of Dave during the second quarter worth about $11,403,000. 18.01% of the stock is currently owned by institutional investors.

Dave Stock Down 2.2%

Shares of Dave stock opened at $314.72 on Wednesday. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 0.93. Dave Inc. has a 12-month low of $152.21 and a 12-month high of $458.25. The company has a market cap of $4.02 billion, a P/E ratio of 22.73 and a beta of 4.07. The company’s fifty day simple moving average is $352.07 and its two-hundred day simple moving average is $287.57.

Dave (NASDAQ:DAVE) last posted its earnings results on Wednesday, August 5th. The fintech company reported $0.49 EPS for the quarter, missing the consensus estimate of $3.44 by ($2.95). Dave had a return on equity of 77.46% and a net margin of 34.58%. The company had revenue of $170.79 million during the quarter, compared to analysts’ expectations of $171.11 million. Research analysts anticipate that Dave Inc. will post 13.04 EPS for the current year.

Dave News Summary

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Dave’s Q3 results were expected to benefit from stronger member activity and growth in ExtraCash, which could support revenue. Dave Q3 Earnings Coming Up: What to Expect From the Stock?
• Neutral Sentiment: Dave was expected to announce quarterly earnings Wednesday, putting the report and management’s outlook in focus for investors. Dave (DAVE) Expected to Announce Quarterly Earnings on Wednesday
• Negative Sentiment: The preview flagged higher spending and credit trends as potential pressures on margins, which could temper the benefit of customer and ExtraCash growth. Dave Q3 Earnings Coming Up: What to Expect From the Stock?

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DAVE. Citigroup reissued an “outperform” rating on shares of Dave in a research note on Thursday, August 6th. Zacks Research lowered Dave from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. assumed coverage on Dave in a report on Tuesday, September 15th. They issued an “overweight” rating and a $480.00 price objective for the company. Freedom Capital upgraded Dave to a “hold” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered Dave from a “hold” rating to a “sell” rating in a research report on Saturday. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $433.25.

About Dave

Dave Inc is a financial technology company that operates a digital banking platform in the United States. The company’s mobile app is designed to help members manage everyday finances, access funds between paychecks and build financial flexibility.

Its primary offerings include ExtraCash, an advance product intended to provide eligible members with access to a portion of their expected income, and Dave Spending, a debit account and associated payment card. Dave also provides budgeting tools, automated savings features through Dave Goals, and Side Hustle resources that help members identify potential ways to earn additional income.

Dave was founded in 2016 by Jason Wilk, who serves as chief executive officer.