Garde Capital Inc. Sells 100 Shares of Dave Inc. $DAVE

Garde Capital Inc. lowered its stake in shares of Dave Inc. (NASDAQ:DAVE) by 11.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 790 shares of the fintech company’s stock after selling 100 shares during the quarter. Garde Capital Inc.’s holdings in Dave were worth $212,000 at the end of the most recent reporting period.

Separately, Great Lakes Advisors LLC bought a new position in Dave during the first quarter worth $3,487,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Wall Street Zen downgraded shares of Dave from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Citigroup reiterated an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. Benchmark reiterated a “buy” rating and set a $320.00 price target on shares of Dave in a research note on Monday, July 14th. Finally, JMP Securities set a $280.00 price target on shares of Dave and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $262.17.

Dave Stock Up 2.0%

Shares of NASDAQ:DAVE opened at $229.42 on Friday. Dave Inc. has a 52 week low of $35.22 and a 52 week high of $286.45. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. The company’s fifty day moving average is $210.98 and its 200-day moving average is $166.35. The company has a market capitalization of $3.10 billion, a PE ratio of 60.69 and a beta of 3.93.

Dave declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 13th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Jason Wilk sold 7,557 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $199.40, for a total transaction of $1,506,865.80. Following the transaction, the chief executive officer owned 217,854 shares in the company, valued at $43,440,087.60. This represents a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yadin Rozov sold 4,726 shares of the company’s stock in a transaction dated 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 transaction, the director owned 75,197 shares in the company, valued at approximately $17,149,427.82. This trade represents a 5.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,736 shares of company stock worth $9,123,441. Corporate insiders own 28.48% of the company’s stock.

Dave 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.