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

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s share price hit a new 52-week high during 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.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DAVE shares. Piper Sandler reissued a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Canaccord Genuity Group increased their target price on Dave from $130.00 to $179.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Wall Street Zen raised Dave from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. BMO Capital Markets reissued an "outperform" rating on shares of Dave in a research note on Tuesday, June 10th. Finally, B. Riley increased their target price on Dave from $206.00 to $239.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Dave has a consensus rating of "Moderate Buy" and an average price target of $227.50.

Dave Stock Down 6.1%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.59 and a current ratio of 8.59. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 63.36 and a beta of 3.98. The business has a 50-day simple moving average of $208.01 and a 200-day simple moving average of $131.35.

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, beating analysts' consensus estimates of $0.82 by $1.15. Dave had a return on equity of 34.85% and a net margin of 13.75%. On average, equities analysts anticipate that Dave Inc. will post 1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Imran Khan sold 80,965 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $211.14, for a total value of $17,094,950.10. Following the transaction, the director owned 98,886 shares in the company, valued at approximately $20,878,790.04. This represents a 45.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jason Wilk sold 172,667 shares of the stock in a transaction dated Friday, June 13th. The shares were 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 approximately $47,775,861.45. The trade was a 43.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 294,960 shares of company stock worth $62,575,325 over the last 90 days. 28.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Pallas Capital Advisors LLC purchased a new position in shares of Dave in the 2nd quarter valued at about $227,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Dave in the 2nd quarter valued at about $591,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Dave in the 2nd quarter valued at about $656,000. Finally, Great Lakes Advisors LLC purchased a new position in shares of Dave in the 1st quarter valued at about $3,487,000. 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.