Benchmark Forecasts Strong Price Appreciation for Dave (NASDAQ:DAVE) Stock

Dave (NASDAQ:DAVE - Get Free Report) had its price objective upped by Benchmark from $229.00 to $320.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the fintech company's stock. Benchmark's target price suggests a potential upside of 17.51% from the company's previous close.

DAVE has been the subject of a number of other reports. Wall Street Zen upgraded shares of Dave from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Barrington Research reiterated an "outperform" rating and set a $250.00 price target on shares of Dave in a research note on Thursday, June 12th. Canaccord Genuity Group raised their price objective on Dave from $130.00 to $179.00 and gave the company a "buy" rating in a research note on Friday, May 9th. 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. Finally, Piper Sandler reissued a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Dave has a consensus rating of "Moderate Buy" and an average target price of $227.50.

Dave Price Performance

Dave stock traded up $22.69 during midday trading on Monday, hitting $272.33. The company's stock had a trading volume of 56,225 shares, compared to its average volume of 470,941. The company has a market capitalization of $3.63 billion, a PE ratio of 74.86 and a beta of 3.93. Dave has a 12 month low of $28.74 and a 12 month high of $270.10. 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 stock's 50-day moving average price is $176.61 and its 200-day moving average price is $121.02.

Dave (NASDAQ:DAVE - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 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%. Analysts anticipate that Dave will post 1.07 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, CEO Jason Wilk sold 172,667 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.95, for a total value of $36,596,770.65. Following the completion of the transaction, the chief executive officer now directly owns 225,411 shares in the company, valued at approximately $47,775,861.45. The trade was a 43.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yadin Rozov sold 5,500 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total transaction of $1,138,170.00. Following the completion of the sale, the director now directly owns 95,678 shares in the company, valued at $19,799,605.32. This represents a 5.44% 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 over the last ninety days. Insiders own 28.48% of the company's stock.

Institutional Investors Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new stake in Dave Inc. (NASDAQ:DAVE - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 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 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 18.01% of the company's stock.

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.

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