Dave Inc. (NASDAQ:DAVE) Short Interest Update

Dave Inc. (NASDAQ:DAVE - Get Free Report) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totaling 1,495,867 shares, a growth of 17.4% from the March 31st total of 1,273,890 shares. Based on an average daily trading volume, of 552,559 shares, the short-interest ratio is presently 2.7 days. Currently, 15.4% of the company's stock are sold short.

Institutional Trading of Dave

Several hedge funds have recently added to or reduced their stakes in the stock. Moran Wealth Management LLC raised its position in Dave by 8.0% in the first quarter. Moran Wealth Management LLC now owns 4,859 shares of the fintech company's stock worth $846,000 after acquiring an additional 358 shares during the period. New York State Teachers Retirement System raised its position in Dave by 13.8% in the first quarter. New York State Teachers Retirement System now owns 956 shares of the fintech company's stock worth $166,000 after acquiring an additional 116 shares during the period. Inspire Investing LLC bought a new stake in Dave in the first quarter worth about $1,371,000. Janney Montgomery Scott LLC raised its position in Dave by 131.9% in the first quarter. Janney Montgomery Scott LLC now owns 3,107 shares of the fintech company's stock worth $541,000 after acquiring an additional 1,767 shares during the period. Finally, OP Asset Management Ltd bought a new stake in Dave in the first quarter worth about $3,479,000. Institutional investors own 18.01% of the company's stock.

Dave Price Performance

DAVE opened at $257.27 on Thursday. The company's 50-day moving average is $209.15 and its 200 day moving average is $207.97. Dave has a fifty-two week low of $88.58 and a fifty-two week high of $287.69. The firm has a market capitalization of $3.49 billion, a P/E ratio of 19.06 and a beta of 3.81.

Dave announced that its Board of Directors has approved a stock repurchase program on Monday, March 2nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the fintech company to reacquire up to 11.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DAVE has been the topic of a number of recent research reports. Citigroup reaffirmed an "outperform" rating on shares of Dave in a research note on Friday, April 10th. Canaccord Genuity Group raised their price objective on shares of Dave from $274.00 to $328.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Zacks Research raised shares of Dave from a "hold" rating to a "strong-buy" rating in a research note on Monday, February 16th. William Blair reaffirmed an "accumulate" rating on shares of Dave in a research note on Friday, March 13th. Finally, UBS Group reissued a "neutral" rating on shares of Dave in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Dave presently has an average rating of "Moderate Buy" and an average price target of $315.25.

Dave Company Profile

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave's offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.

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