Dave (NASDAQ:DAVE) Cut to "Hold" at Wall Street Zen

Key Points

• Dave has been downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen, following a series of mixed reviews from other analysts regarding its stock performance.
• The company's stock opened at $183.02, with a market capitalization of $2.44 billion, and has experienced a decline of 4.4% recently.
• Institutional investors own 18.01% of Dave's shares, with notable recent increases in stakes from several investment firms, indicating growing institutional interest.

Dave (NASDAQ:DAVE - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other analysts have also recently issued reports on DAVE. Barrington Research reissued an "outperform" rating and set a $290.00 price objective on shares of Dave in a research note on Monday, August 4th. B. Riley boosted their price objective on shares of Dave from $239.00 to $277.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Citigroup reissued an "outperform" rating on shares of Dave in a research note on Thursday. Benchmark reissued a "buy" rating and set a $320.00 price objective on shares of Dave in a research note on Monday, July 14th. Finally, Piper Sandler reissued a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $262.17.

Dave Stock Down 4.4%

DAVE stock opened at $183.02 on Friday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 48.42 and a beta of 3.95. The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.59 and a current ratio of 8.59. Dave has a one year low of $30.20 and a one year high of $286.45. The company has a 50 day moving average price of $224.20 and a two-hundred day moving average price of $148.56.

Dave (NASDAQ:DAVE - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $1.15. Dave had a net margin of 12.74% and a return on equity of 34.75%. As a group, sell-side analysts expect that Dave will post 1.07 EPS for the current year.

Insider Buying and Selling at Dave

In related news, Director Yadin Rozov sold 5,500 shares of the company'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 directly owned 95,678 shares of the company's stock, valued at approximately $19,799,605.32. This represents a 5.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Imran Khan sold 80,965 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $211.14, for a total transaction of $17,094,950.10. Following the completion of the transaction, the director owned 98,886 shares in the company, valued at $20,878,790.04. This represents a 45.02% decrease in their position. 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 in the last quarter. Company insiders own 28.48% of the company's stock.

Hedge Funds Weigh In On Dave

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after purchasing an additional 148 shares in the last quarter. KBC Group NV acquired a new stake in shares of Dave in the 2nd quarter valued at about $85,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Dave in the 2nd quarter valued at about $141,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of Dave in the 2nd quarter valued at about $208,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in shares of Dave in the 2nd quarter valued at about $213,000. Institutional investors and hedge funds 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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