Dave (NASDAQ:DAVE) Shares Down 6% – Time to Sell?

Shares of Dave Inc. (NASDAQ:DAVE) fell 6% during trading on Tuesday . The company traded as low as $170.50 and last traded at $173.0440. 431,006 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 516,847 shares. The stock had previously closed at $184.06.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. B. Riley restated a “buy” rating and set a $297.00 price objective (up previously from $277.00) on shares of Dave in a report on Wednesday, November 5th. Citizens Jmp boosted their price target on shares of Dave from $300.00 to $310.00 and gave the company a “market outperform” rating in a report on Wednesday, November 5th. Barrington Research restated an “outperform” rating and issued a $290.00 price objective on shares of Dave in a research report on Monday, November 3rd. JMP Securities set a $310.00 price objective on Dave in a research note on Wednesday, November 5th. Finally, Citigroup reissued an “outperform” rating on shares of Dave in a research note on Wednesday, November 5th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $304.25.

Dave Price Performance

The company has a current ratio of 8.69, a quick ratio of 8.69 and a debt-to-equity ratio of 0.26. The company has a 50 day simple moving average of $207.62 and a 200 day simple moving average of $212.31. The stock has a market cap of $2.40 billion, a P/E ratio of 17.59 and a beta of 3.90.

Dave (NASDAQ:DAVE) last announced its quarterly earnings data on Tuesday, November 4th. The fintech company reported $4.24 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $153.09 million. Sell-side analysts forecast that Dave Inc. will post 1.07 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Imran Khan sold 1,146 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $204.00, for a total transaction of $233,784.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 7,393 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $203.77, for a total value of $1,506,471.61. Following the sale, the chief executive officer owned 210,461 shares in the company, valued at approximately $42,885,637.97. This represents a 3.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 105,164 shares of company stock worth $20,700,863 in the last quarter. 28.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dave

A number of institutional investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP boosted its stake in shares of Dave by 73.1% during the 3rd quarter. Divisadero Street Capital Management LP now owns 925,266 shares of the fintech company’s stock worth $184,452,000 after acquiring an additional 390,676 shares during the period. Ameriprise Financial Inc. grew its stake in Dave by 819.3% in the 3rd 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 during the last quarter. Voya Investment Management LLC lifted its position in Dave by 5,603.0% during the third quarter. Voya Investment Management LLC now owns 144,285 shares of the fintech company’s stock worth $28,763,000 after acquiring an additional 141,755 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Dave in the third quarter valued at approximately $26,726,000. Finally, Wellington Management Group LLP increased its stake in shares of Dave by 200.7% during the third quarter. Wellington Management Group LLP now owns 177,103 shares of the fintech company’s stock worth $35,305,000 after purchasing an additional 118,203 shares during the period. Institutional investors and hedge funds own 18.01% of the company’s stock.

Dave Company Profile

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave’s offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.