Dave (NASDAQ:DAVE) Hits New 1-Year High - Here's Why

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $282.82 and last traded at $281.09, with a volume of 214189 shares traded. The stock had previously closed at $270.03.

Analysts Set New Price Targets

A number of research firms recently weighed in on DAVE. Wall Street Zen upgraded Dave from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Barrington Research restated an "outperform" rating and set a $250.00 price objective on shares of Dave in a report on Thursday, June 12th. Canaccord Genuity Group upped their price objective on shares of Dave from $130.00 to $179.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Lake Street Capital lifted their target price on shares of Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Benchmark restated a "buy" rating and set a $320.00 price target (up previously from $229.00) on shares of Dave in a report on Monday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $227.50.

Dave Price Performance

The company has a current ratio of 8.59, a quick ratio of 8.59 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $187.60 and a 200 day simple moving average of $124.70. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 77.82 and a beta of 3.98.

Dave (NASDAQ:DAVE - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The fintech company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. On average, equities research analysts forecast that Dave Inc. will post 1.07 EPS for the current fiscal year.

Dave declared that its Board of Directors has approved a share repurchase plan on Monday, March 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the fintech company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Dave

In other news, Director Imran Khan sold 80,965 shares of Dave stock in a transaction dated 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 sale, the director directly owned 98,886 shares in the company, valued at $20,878,790.04. The trade was a 45.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jason Wilk sold 172,667 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.95, for a total value of $36,596,770.65. Following the completion of the transaction, the chief executive officer owned 225,411 shares in the company, valued at $47,775,861.45. This represents a 43.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 294,960 shares of company stock valued at $62,575,325. 28.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new position in Dave Inc. (NASDAQ:DAVE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned about 0.33% of Dave as of its most recent filing with the Securities and Exchange Commission. 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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