Dave Inc. (NASDAQ:DAVE) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts have given Dave Inc. a consensus rating of "Moderate Buy," with eight out of ten recommending buy ratings and an average price target of $274.13.
• Insider trading activity revealed that CEO Jason Wilk sold 81,693 shares at an average price of $230.28, representing a 27.27% decrease in his ownership.
• Dave's board has authorized a $125 million stock buyback plan, indicating confidence in the company's valuation and a strategy to enhance shareholder value.

Shares of Dave Inc. (NASDAQ:DAVE - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten analysts that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $274.1250.

DAVE has been the topic of several research reports. Canaccord Genuity Group boosted their price target on shares of Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Dave from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Benchmark restated a "buy" rating and set a $320.00 target price on shares of Dave in a research report on Wednesday, October 1st. JMP Securities lifted their price target on Dave from $280.00 to $300.00 and gave the stock a "market outperform" rating in a research report on Friday, September 26th. Finally, Citizens Jmp upped their price objective on Dave from $280.00 to $300.00 and gave the company a "mkt outperform" rating in a research report on Friday, September 26th.

Insider Activity at Dave

In other Dave news, Director Yadin Rozov sold 4,726 shares of Dave stock in a transaction on Friday, September 12th. The shares were sold at an average price of $228.06, for a total transaction of $1,077,811.56. Following the completion of the transaction, the director directly owned 75,197 shares of the company's stock, valued at $17,149,427.82. The trade was a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason Wilk sold 81,693 shares of the business's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the transaction, the chief executive officer owned 217,854 shares in the company, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,943 shares of company stock worth $50,301,987. Company insiders own 28.48% of the company's stock.

Institutional Trading of Dave

Several institutional investors have recently added to or reduced their stakes in the company. WealthCollab LLC bought a new position in shares of Dave during the second quarter valued at approximately $30,000. Nisa Investment Advisors LLC boosted its holdings in Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after acquiring an additional 148 shares during the period. KBC Group NV purchased a new position in Dave during the 2nd quarter valued at $85,000. Catalyst Capital Advisors LLC bought a new position in Dave in the 2nd quarter valued at $141,000. Finally, Kingswood Wealth Advisors LLC bought a new position in Dave in the 2nd quarter valued at $208,000. Institutional investors own 18.01% of the company's stock.

Dave Stock Performance

NASDAQ:DAVE opened at $200.28 on Tuesday. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 52.98 and a beta of 3.88. Dave has a 1 year low of $37.44 and a 1 year high of $286.45. The stock's 50 day simple moving average is $210.93 and its two-hundred day simple moving average is $181.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51.

Dave declared that its board has authorized a stock buyback plan 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 plans are often an indication that the company's board believes its stock is undervalued.

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.

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