Dave (NASDAQ:DAVE) Director Sells $8,821,221.42 in Stock

Key Points

• Dave Inc. Director Imran Khan sold a total of $8,821,221.42 worth of stock, reducing his ownership by 33.32% to approximately $17.65 million after the transaction.
• The company has authorized a $125 million share buyback, indicating company leadership feels its shares are undervalued.
• Eight research analysts rate Dave stock as a Buy with a consensus target price of $262.17, reflecting optimism about future growth.

Dave Inc. (NASDAQ:DAVE - Get Free Report) Director Imran Khan sold 39,534 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $223.13, for a total value of $8,821,221.42. Following the completion of the transaction, the director directly owned 79,110 shares of the company's stock, valued at approximately $17,651,814.30. This represents a 33.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Imran Khan also recently made the following trade(s):

• On Tuesday, September 16th, Imran Khan sold 11,366 shares of Dave stock. The stock was sold at an average price of $210.54, for a total value of $2,392,997.64.
• On Wednesday, September 17th, Imran Khan sold 11,149 shares of Dave stock. The shares were sold at an average price of $217.00, for a total value of $2,419,333.00.
• On Tuesday, September 16th, Imran Khan sold 29,416 shares of Dave stock. The shares were sold at an average price of $213.40, for a total value of $6,277,374.40.
• On Wednesday, September 17th, Imran Khan sold 8,535 shares of Dave stock. The stock was sold at an average price of $217.70, for a total value of $1,858,069.50.

Dave Stock Performance

DAVE traded up $4.45 during trading on Wednesday, hitting $218.69. 294,571 shares of the company traded hands, compared to its average volume of 365,852. Dave Inc. has a one year low of $37.44 and a one year high of $286.45. The stock's fifty day moving average is $208.28 and its 200 day moving average is $169.23. 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 has a market cap of $2.95 billion, a P/E ratio of 57.85 and a beta of 3.93.

Dave declared that its board has authorized a share buyback plan on Wednesday, August 13th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

DAVE has been the topic of a number of research reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Dave in a report on Tuesday, June 10th. JMP Securities set a $280.00 target price on Dave and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. B. Riley upped their price target on Dave from $239.00 to $277.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Citigroup reiterated an "outperform" rating on shares of Dave in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group boosted their price objective on Dave from $179.00 to $229.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $262.17.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its holdings in shares of Dave by 4,341.4% in the second quarter. Osaic Holdings Inc. now owns 13,724 shares of the fintech company's stock worth $3,683,000 after buying an additional 13,415 shares in the last quarter. Cim LLC bought a new stake in Dave during the 2nd quarter worth approximately $632,000. FORA Capital LLC purchased a new stake in Dave in the 2nd quarter worth approximately $1,758,000. WealthCollab LLC purchased a new stake in Dave in the 2nd quarter worth approximately $30,000. Finally, Tenzing Global Management LLC bought a new position in Dave in the 2nd quarter valued at $6,442,000. 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.

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