Dave (NASDAQ:DAVE) Given New $330.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target on Dave to $330 (from $295) and maintained an "outperform" rating, implying roughly a 21% upside from the current share price.
• Dave's board authorized a $300 million stock buyback program, permitting repurchase of up to about 11.2% of outstanding shares.
• The analyst consensus is a Moderate Buy with a consensus price target of $319.63; the coverage breakdown is 1 Strong Buy, 10 Buy and 3 Hold.

Dave (NASDAQ:DAVE - Get Free Report) had its price objective raised by stock analysts at Keefe, Bruyette & Woods from $295.00 to $330.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the fintech company's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 21.03% from the company's current price.

Other analysts have also issued research reports about the company. Benchmark reissued a "buy" rating on shares of Dave in a report on Tuesday, March 3rd. UBS Group reaffirmed a "neutral" rating on shares of Dave in a report on Friday, March 13th. Citigroup reaffirmed an "outperform" rating on shares of Dave in a research report on Friday, April 10th. Wall Street Zen cut Dave from a "buy" rating to a "hold" rating in a research report on Saturday, March 7th. Finally, Lake Street Capital increased their price objective on Dave from $308.00 to $326.00 and gave the company a "buy" rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $319.63.

Dave Price Performance

DAVE stock opened at $272.65 on Monday. Dave has a twelve month low of $97.25 and a twelve month high of $287.69. The firm has a market cap of $3.70 billion, a PE ratio of 20.20 and a beta of 3.93. The business has a 50 day moving average of $211.02 and a 200 day moving average of $208.40.

Dave declared that its board has authorized a stock buyback plan on Monday, March 2nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the fintech company to repurchase up to 11.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Dave

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Divisadero Street Capital Management LP raised its holdings in Dave by 73.1% during the third quarter. Divisadero Street Capital Management LP now owns 925,266 shares of the fintech company's stock valued at $184,452,000 after acquiring an additional 390,676 shares during the period. Vanguard Group Inc. raised its holdings in Dave by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 685,839 shares of the fintech company's stock valued at $151,852,000 after acquiring an additional 30,546 shares during the period. Renaissance Technologies LLC raised its holdings in Dave by 29.2% during the fourth quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company's stock valued at $110,506,000 after acquiring an additional 112,700 shares during the period. Geode Capital Management LLC raised its holdings in Dave by 31.1% during the fourth quarter. Geode Capital Management LLC now owns 318,295 shares of the fintech company's stock valued at $70,483,000 after acquiring an additional 75,576 shares during the period. Finally, State Street Corp raised its holdings in Dave by 10.6% during the fourth quarter. State Street Corp now owns 233,163 shares of the fintech company's stock valued at $51,625,000 after acquiring an additional 22,274 shares during the period. 18.01% of the stock is owned by institutional investors.

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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