Dave (NASDAQ:DAVE) Reaches New 12-Month High - What's Next?

Dave Inc. (NASDAQ:DAVE - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $286.45 and last traded at $262.07, with a volume of 540163 shares trading hands. The stock had previously closed at $279.80.

Analyst Upgrades and Downgrades

DAVE has been the topic of several research analyst reports. Canaccord Genuity Group boosted their price target on shares of Dave from $130.00 to $179.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Benchmark reiterated a "buy" rating and set a $320.00 price target (up previously from $229.00) on shares of Dave in a research report on Monday, June 30th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. Barrington Research reiterated an "outperform" rating and set a $250.00 price target on shares of Dave in a research report on Thursday, June 12th. Finally, Lake Street Capital upped their price objective on shares of Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $227.50.

Dave Trading Down 6.5%

The firm has a market cap of $3.27 billion, a PE ratio of 67.49 and a beta of 3.98. The company has a quick ratio of 8.59, a current ratio of 8.59 and a debt-to-equity ratio of 0.38. The stock's fifty day simple moving average is $202.30 and its two-hundred day simple moving average is $129.58.

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 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, sell-side analysts forecast that Dave Inc. will post 1.07 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael W. Pope sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $215.82, for a total value of $3,237,300.00. Following the transaction, the director owned 8,168 shares in the company, valued at approximately $1,762,817.76. This represents a 64.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jason Wilk sold 172,667 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.95, for a total transaction of $36,596,770.65. Following the completion of the transaction, the chief executive officer owned 225,411 shares in the company, valued at approximately $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 three months, insiders have sold 294,960 shares of company stock worth $62,575,325. Corporate insiders own 28.48% of the company's stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Dave stock. Pallas Capital Advisors LLC acquired a new stake in shares of Dave Inc. (NASDAQ:DAVE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 845 shares of the fintech company's stock, valued at approximately $227,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

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.