Dave Inc. (NASDAQ:DAVE) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Dave Inc. has a consensus rating of "Moderate Buy" from nine brokerages, with a 12-month price target averaging $262.17.
• The company has authorized a $125 million share repurchase program, indicating that the board believes the shares are undervalued.
• Insider activity showed significant sales, with CEO Jason Wilk selling 172,667 shares recently, representing a 43.38% decrease in his position.

Shares of Dave Inc. (NASDAQ:DAVE - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $262.1667.

Several equities research analysts have recently issued reports on the company. Piper Sandler reaffirmed a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. JMP Securities set a $280.00 price objective on Dave and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Wall Street Zen lowered Dave from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Canaccord Genuity Group lifted their target price on Dave from $179.00 to $229.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, Citigroup reissued an "outperform" rating on shares of Dave in a report on Thursday, August 7th.

Dave Stock Up 6.8%

NASDAQ:DAVE traded up $12.74 during trading hours on Monday, hitting $199.00. 316,422 shares of the company traded hands, compared to its average volume of 665,479. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. The firm's 50-day simple moving average is $219.31 and its 200-day simple moving average is $155.46. Dave has a one year low of $31.75 and a one year high of $286.45. The company has a market cap of $2.69 billion, a PE ratio of 52.65 and a beta of 3.95.

Dave announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the fintech company to reacquire up to 5.1% 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

In other Dave 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 sale, the chief executive officer owned 225,411 shares in the company, valued at approximately $47,775,861.45. The trade was a 43.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael W. Pope sold 1,793 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $209.82, for a total value of $376,207.26. Following the transaction, the director directly owned 6,375 shares in the company, valued at $1,337,602.50. This trade represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,960 shares of company stock worth $62,575,325. Company insiders own 28.48% of the company's stock.

Institutional Investors Weigh In On Dave

Institutional investors have recently modified their holdings of the stock. WealthCollab LLC purchased a new stake in shares of Dave in the second quarter worth $30,000. Nisa Investment Advisors LLC grew its stake in shares of Dave by 4,933.3% in the second quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock worth $41,000 after acquiring an additional 148 shares during the last quarter. KBC Group NV purchased a new stake in shares of Dave in the second quarter worth $85,000. Catalyst Capital Advisors LLC bought a new position in shares of Dave during the second quarter valued at $141,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Dave during the second quarter valued at $208,000. 18.01% of the stock is owned by hedge funds and other 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.