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

Dave Inc. (NASDAQ:DAVE - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $245.09 and last traded at $243.03, with a volume of 448561 shares trading hands. The stock had previously closed at $226.11.

Analyst Ratings Changes

DAVE has been the subject of several research analyst reports. JMP Securities raised their price objective on shares of Dave from $125.00 to $200.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Piper Sandler reissued a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. BMO Capital Markets restated an "outperform" rating on shares of Dave in a research note on Tuesday, June 10th. Lake Street Capital upped their price target on Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded Dave from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Dave has an average rating of "Moderate Buy" and an average target price of $212.33.

Dave Stock Up 7.5%

The company has a debt-to-equity ratio of 0.38, a current ratio of 8.59 and a quick ratio of 8.59. The stock has a 50 day simple moving average of $170.12 and a 200-day simple moving average of $118.79. The firm has a market cap of $3.24 billion, a PE ratio of 66.95 and a beta of 3.93.

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 the consensus estimate of $0.82 by $1.15. Dave had a return on equity of 34.85% and a net margin of 13.75%. Sell-side analysts predict that Dave Inc. will post 1.07 EPS for the current fiscal year.

Dave announced that its Board of Directors has authorized a stock buyback plan on Monday, March 10th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the fintech company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Imran Khan sold 19,035 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $217.07, for a total value of $4,131,927.45. Following the sale, the director now owns 98,885 shares in the company, valued at approximately $21,464,966.95. This trade represents a 16.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 172,667 shares of Dave 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 sale, the chief executive officer now directly owns 225,411 shares of the company's stock, valued at approximately $47,775,861.45. This trade represents a 43.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 294,960 shares of company stock worth $62,575,325 in the last three months. Insiders own 28.48% of the company's stock.

Hedge Funds Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC acquired a new stake in shares of Dave Inc. (NASDAQ:DAVE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 (SEC). Institutional investors and hedge funds own 18.01% of the company's stock.

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.

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