Quantbot Technologies LP Takes $5.24 Million Position in Dave Inc. $DAVE

Quantbot Technologies LP bought a new stake in Dave Inc. (NASDAQ:DAVE) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 19,530 shares of the fintech company’s stock, valued at approximately $5,242,000. Quantbot Technologies LP owned 0.15% of Dave as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in Dave by 4,933.3% in the second quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after buying an additional 148 shares during the last quarter. KBC Group NV acquired a new position in shares of Dave in the 2nd quarter valued at $85,000. Catalyst Capital Advisors LLC purchased a new stake in Dave in the 2nd quarter valued at $141,000. Kingswood Wealth Advisors LLC purchased a new stake in Dave in the 2nd quarter valued at $208,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in Dave during the 2nd quarter worth $213,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on DAVE shares. Lake Street Capital restated a “buy” rating and issued a $308.00 price objective on shares of Dave in a research note on Wednesday, November 5th. Zacks Research raised Dave from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 18th. Citizens Jmp boosted their price target on Dave from $300.00 to $310.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 5th. JMP Securities set a $310.00 price objective on Dave in a research report on Wednesday, November 5th. Finally, Benchmark lifted their target price on Dave from $320.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Dave presently has a consensus rating of “Moderate Buy” and an average price target of $304.25.

Insider Activity

In other Dave news, Director Imran Khan sold 11,149 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $217.00, for a total value of $2,419,333.00. Following the completion of the transaction, the director owned 48,886 shares in the company, valued at approximately $10,608,262. This represents a 18.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Yadin Rozov sold 4,726 shares of the business’s stock in a transaction on 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 sale, the director owned 75,197 shares in the company, valued at $17,149,427.82. The trade was a 5.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 226,943 shares of company stock valued at $50,301,987 in the last three months. 28.48% of the stock is currently owned by company insiders.

Dave Trading Down 0.5%

Shares of Dave stock opened at $202.65 on Wednesday. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 20.08 and a beta of 3.90. Dave Inc. has a 52-week low of $65.46 and a 52-week high of $286.45. The company’s 50-day simple moving average is $217.31 and its 200-day simple moving average is $216.57. The company has a quick ratio of 8.69, a current ratio of 8.69 and a debt-to-equity ratio of 0.26.

Dave (NASDAQ:DAVE) last announced its quarterly earnings data 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 firm had revenue of $150.73 million during the quarter, compared to the consensus estimate of $153.09 million. As a group, equities research analysts anticipate that Dave Inc. will post 1.07 earnings per share for the current year.

Dave announced that its board has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.