Benchmark Reaffirms "Buy" Rating for Dave (NASDAQ:DAVE)

Benchmark reiterated their buy rating on shares of Dave (NASDAQ:DAVE - Free Report) in a report published on Monday morning, Marketbeat.com reports. They currently have a $320.00 target price on the fintech company's stock, up from their prior target price of $229.00.

A number of other research firms have also weighed in on DAVE. JMP Securities boosted their target price on Dave from $125.00 to $200.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Barrington Research reaffirmed an "outperform" rating and set a $250.00 price objective on shares of Dave in a research report on Thursday, June 12th. B. Riley increased their price objective on shares of Dave from $206.00 to $239.00 and gave the company a "buy" rating in a research report on Tuesday, May 27th. Canaccord Genuity Group lifted their target price on shares of Dave from $130.00 to $179.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Lake Street Capital upped their price target on shares of Dave from $118.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $227.50.

Dave Stock Up 4.6%

Shares of NASDAQ:DAVE traded up $12.46 during midday trading on Monday, hitting $282.49. The stock had a trading volume of 317,931 shares, compared to its average volume of 439,659. The company has a market cap of $3.77 billion, a P/E ratio of 77.82 and a beta of 3.98. The company has a quick ratio of 8.59, a current ratio of 8.59 and a debt-to-equity ratio of 0.38. The business's 50-day simple moving average is $191.45 and its 200-day simple moving average is $125.78. Dave has a 12 month low of $28.74 and a 12 month high of $295.23.

Dave (NASDAQ:DAVE - Get Free Report) last issued its earnings results on Thursday, May 8th. The fintech company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. On average, sell-side analysts forecast that Dave will post 1.07 earnings per share for the current fiscal year.

Dave declared that its board has approved a stock buyback plan on Monday, March 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the fintech company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Dave

In other news, Director Michael W. Pope sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $215.82, for a total transaction of $3,237,300.00. Following the transaction, the director directly owned 8,168 shares of the company's stock, valued at approximately $1,762,817.76. This trade represents a 64.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jason Wilk sold 172,667 shares of Dave stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $211.95, for a total transaction of $36,596,770.65. Following the completion of the sale, the chief executive officer owned 225,411 shares of the company's stock, valued at approximately $47,775,861.45. The trade was a 43.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 294,960 shares of company stock valued at $62,575,325 in the last three months. 28.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC acquired a new stake in Dave Inc. (NASDAQ:DAVE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned about 0.33% of Dave at the end of the most recent reporting period. 18.01% of the stock is owned by 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.