Dave Inc. (NASDAQ:DAVE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Dave Inc. (NASDAQ:DAVE) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $304.25.

DAVE has been the subject of several analyst reports. B. Riley reaffirmed a “buy” rating and set a $297.00 price objective (up from $277.00) on shares of Dave in a research note on Wednesday, November 5th. Citigroup restated an “outperform” rating on shares of Dave in a research note on Wednesday, November 5th. Citizens Jmp lifted their price objective on shares of Dave from $300.00 to $310.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 5th. Canaccord Genuity Group boosted their price objective on shares of Dave from $229.00 to $274.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, Zacks Research upgraded shares of Dave from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 18th.

Dave Stock Down 0.5%

Shares of NASDAQ:DAVE opened at $202.65 on Wednesday. Dave has a 1-year low of $65.46 and a 1-year high of $286.45. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69. The stock has a market cap of $2.74 billion, a P/E ratio of 20.08 and a beta of 3.90. The firm has a fifty day moving average price of $217.31 and a 200 day moving average price of $216.57.

Dave (NASDAQ:DAVE) last announced its earnings results on Tuesday, November 4th. The fintech company reported $4.24 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $1.95. Dave had a net margin of 29.85% and a return on equity of 65.86%. The business had revenue of $150.73 million during the quarter, compared to analysts’ expectations of $153.09 million. Sell-side analysts predict that Dave will post 1.07 EPS for the current year.

Dave declared that its board has initiated a stock repurchase program on Wednesday, August 13th that permits the company to buyback $125.00 million in shares. This buyback authorization permits the fintech company to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Dave

In other news, Director Imran Khan sold 11,149 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $217.00, for a total transaction of $2,419,333.00. Following the completion of the transaction, the director directly owned 48,886 shares of the company’s stock, valued at approximately $10,608,262. This represents a 18.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jason Wilk sold 81,693 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the sale, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at $50,167,419.12. This represents a 27.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 226,943 shares of company stock worth $50,301,987 over the last 90 days. Company insiders own 28.48% of the company’s stock.

Institutional Investors Weigh In On Dave

Several institutional investors have recently made changes to their positions in DAVE. Divisadero Street Capital Management LP increased its holdings in shares of Dave by 73.1% in the 3rd quarter. Divisadero Street Capital Management LP now owns 925,266 shares of the fintech company’s stock valued at $184,452,000 after purchasing an additional 390,676 shares in the last quarter. Vanguard Group Inc. grew its position in Dave by 10.0% during the third quarter. Vanguard Group Inc. now owns 655,293 shares of the fintech company’s stock worth $130,633,000 after buying an additional 59,774 shares during the period. American Century Companies Inc. increased its holdings in Dave by 17.1% in the third quarter. American Century Companies Inc. now owns 229,693 shares of the fintech company’s stock valued at $45,790,000 after buying an additional 33,492 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Dave by 819.3% in the third quarter. Ameriprise Financial Inc. now owns 209,008 shares of the fintech company’s stock valued at $41,666,000 after buying an additional 186,273 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Dave by 14.6% during the 2nd quarter. Geode Capital Management LLC now owns 207,773 shares of the fintech company’s stock valued at $55,774,000 after acquiring an additional 26,515 shares during the period. 18.01% of the stock is currently owned by hedge funds and other institutional investors.

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.