Dave Inc. (NASDAQ:DAVE) Receives $262.17 Consensus Price Target from Brokerages

Key Points

• Dave Inc. (NASDAQ:DAVE) has received an average rating of "Moderate Buy" from nine analysts, with eight recommending a buy and one a hold.
• The company approved a $125 million stock repurchase plan, indicating confidence in its undervalued shares, allowing it to buy up to 5.1% of its stock.
• Directors have recently sold a significant number of shares, with insider sales totaling $8 million in the last quarter, suggesting a notable decrease in their holdings.

Dave Inc. (NASDAQ:DAVE - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $262.1667.

DAVE has been the topic of several analyst reports. Piper Sandler reissued a "neutral" rating on shares of Dave in a report on Tuesday, June 10th. Wall Street Zen cut Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets reiterated an "outperform" rating on shares of Dave in a research report on Tuesday, June 10th. Canaccord Genuity Group upped their price objective on Dave from $179.00 to $229.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Benchmark reiterated a "buy" rating and set a $320.00 price objective on shares of Dave in a research report on Monday, July 14th.

Dave Stock Up 2.0%

Dave stock traded up $4.55 during mid-day trading on Friday, hitting $229.42. The company had a trading volume of 350,667 shares, compared to its average volume of 379,130. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. The stock's 50 day moving average price is $210.98 and its two-hundred day moving average price is $166.81. Dave has a 12 month low of $35.22 and a 12 month high of $286.45. The company has a market capitalization of $3.10 billion, a PE ratio of 60.69 and a beta of 3.94.

Dave announced that its board has approved a share repurchase plan on Wednesday, August 13th that permits the company to buyback $125.00 million in shares. This buyback authorization permits the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Insider Activity at Dave

In related news, Director Yadin Rozov sold 4,726 shares of the company'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 completion of the sale, the director owned 75,197 shares in the company, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 7,557 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $199.40, for a total value of $1,506,865.80. Following the sale, the chief executive officer owned 217,854 shares of the company's stock, valued at approximately $43,440,087.60. This trade represents a 3.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,736 shares of company stock worth $9,123,441. 28.48% of the stock is owned by insiders.

Institutional Trading of Dave

A number of hedge funds and other institutional investors have recently bought and sold shares of DAVE. Great Lakes Advisors LLC purchased a new stake in Dave in the first quarter worth about $3,487,000. Pallas Capital Advisors LLC purchased a new stake in Dave in the second quarter worth about $227,000. Baader Bank Aktiengesellschaft purchased a new stake in Dave in the second quarter worth about $591,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Dave in the second quarter worth about $656,000. Finally, Harbour Capital Advisors LLC purchased a new stake in Dave in the second quarter worth about $621,000. Hedge funds and other institutional investors own 18.01% of the company's stock.

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.