Dave (NASDAQ:DAVE) Hits New 12-Month High - Should You Buy?

Shares of Dave Inc (NASDAQ:DAVE - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $233.59 and last traded at $231.67, with a volume of 389066 shares changing hands. The stock had previously closed at $224.58.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. B. Riley upped their price target on shares of Dave from $206.00 to $239.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. Lake Street Capital lifted their price objective on Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Canaccord Genuity Group increased their target price on Dave from $130.00 to $179.00 and gave the company a "buy" rating in a report on Friday, May 9th. JMP Securities raised their price target on Dave from $125.00 to $200.00 and gave the stock a "market outperform" rating in a research report on Friday, May 9th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Dave in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $212.33.

Dave Price Performance

The company has a 50 day simple moving average of $146.65 and a 200 day simple moving average of $111.07. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 76.12 and a beta of 3.93. The company has a quick ratio of 6.81, a current ratio of 6.81 and a debt-to-equity ratio of 0.48.

Dave (NASDAQ:DAVE - Get Free Report) last posted its 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 12.92% and a return on equity of 17.16%. As a group, research analysts predict that Dave Inc will post 1.07 EPS for the current year.

Dave announced that its board has initiated a stock repurchase program on Monday, March 10th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the fintech company to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Yadin Rozov sold 5,500 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total transaction of $1,138,170.00. Following the completion of the sale, the director now directly owns 95,678 shares of the company's stock, valued at approximately $19,799,605.32. This represents a 5.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 28.48% of the company's stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC bought a new stake in shares of Dave Inc (NASDAQ:DAVE - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned 0.33% of Dave as of its most recent filing with the SEC. 18.01% of the stock is currently owned by 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.