Dave (NASDAQ:DAVE) Trading Down 6.1% – Here’s What Happened

Dave Inc. (NASDAQ:DAVE)’s share price dropped 6.1% during mid-day trading on Thursday . The company traded as low as $228.06 and last traded at $226.7580. Approximately 84,232 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 496,097 shares. The stock had previously closed at $241.59.

Analyst Upgrades and Downgrades

DAVE has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Dave in a research report on Tuesday. Citigroup reissued an “outperform” rating on shares of Dave in a report on Wednesday, November 5th. Barrington Research reaffirmed an “outperform” rating and set a $290.00 price target on shares of Dave in a report on Monday, November 3rd. Wall Street Zen raised Dave from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Benchmark upped their price target on Dave from $320.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $304.25.

Dave Trading Down 11.2%

The business’s 50-day moving average price is $221.80 and its 200-day moving average price is $209.30. The firm has a market capitalization of $2.89 billion, a PE ratio of 21.25 and a beta of 3.89. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69.

Dave (NASDAQ:DAVE) last released its quarterly earnings results on Tuesday, November 4th. The fintech company reported $4.24 EPS for the quarter, beating the consensus estimate of $2.29 by $1.95. Dave had a net margin of 29.85% and a return on equity of 65.86%. The firm had revenue of $139.30 million during the quarter, compared to the consensus estimate of $153.09 million. Dave has set its FY 2025 guidance at EPS. As a group, analysts expect that Dave Inc. will post 1.07 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other Dave news, CEO Jason Wilk sold 81,693 shares of Dave stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $230.28, for a total value of $18,812,264.04. Following the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at approximately $50,167,419.12. This trade represents a 27.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Imran Khan sold 39,534 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $223.13, for a total value of $8,821,221.42. Following the completion of the transaction, the director directly owned 79,110 shares in the company, valued at approximately $17,651,814.30. The trade was a 33.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 226,943 shares of company stock valued at $50,301,987 over the last quarter. 28.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dave

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss National Bank increased its stake in Dave by 3.4% in the 3rd quarter. Swiss National Bank now owns 18,300 shares of the fintech company’s stock valued at $3,648,000 after buying an additional 600 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Dave by 42.2% in the third quarter. Russell Investments Group Ltd. now owns 52,918 shares of the fintech company’s stock valued at $10,549,000 after acquiring an additional 15,703 shares in the last quarter. Regal Partners Ltd increased its stake in shares of Dave by 77.5% during the third quarter. Regal Partners Ltd now owns 5,266 shares of the fintech company’s stock worth $1,050,000 after acquiring an additional 2,300 shares during the period. Neuberger Berman Group LLC purchased a new position in Dave during the third quarter worth about $26,726,000. Finally, Dimensional Fund Advisors LP lifted its position in Dave by 8.3% in the third quarter. Dimensional Fund Advisors LP now owns 172,167 shares of the fintech company’s stock valued at $34,330,000 after purchasing an additional 13,150 shares during the period. 18.01% of the stock is currently owned by hedge funds and other institutional investors.

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.