Dave (NASDAQ:DAVE) Price Target Raised to $300.00

Key Points

• The price target for Dave (NASDAQ:DAVE) has been raised from $280.00 to $300.00 by JMP Securities, indicating a potential upside of 34.37% from the current price.
• Dave's Board of Directors approved a share buyback program authorizing the purchase of $125.00 million in outstanding shares, signaling confidence in the company's stock value.
• Despite positive analyst ratings and price targets, Dave's stock is currently down by 2.5%, trading at $223.27.

Dave (NASDAQ:DAVE - Get Free Report) had its price objective upped by investment analysts at JMP Securities from $280.00 to $300.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "market outperform" rating on the fintech company's stock. JMP Securities' price target would suggest a potential upside of 34.37% from the stock's current price.

Other equities research analysts have also issued reports about the company. Benchmark reissued a "buy" rating and set a $320.00 target price on shares of Dave in a report on Monday, July 14th. Canaccord Genuity Group boosted their price target on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Barrington Research reissued an "outperform" rating and issued a $290.00 price objective on shares of Dave in a research note on Monday, August 18th. Piper Sandler restated a "neutral" rating on shares of Dave in a report on Tuesday, June 10th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Dave in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $265.50.

Dave Stock Down 2.5%

DAVE opened at $223.27 on Friday. Dave has a twelve month low of $37.44 and a twelve month high of $286.45. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $211.25 and a 200 day moving average price of $174.57. The company has a market cap of $3.01 billion, a PE ratio of 59.07 and a beta of 3.93.

Dave declared that its Board of Directors has approved a share buyback program on Wednesday, August 13th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Imran Khan sold 39,534 shares of Dave stock in a transaction on Monday, September 15th. The stock was sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the transaction, the director owned 79,110 shares in the company, valued at $17,651,814.30. The trade was a 33.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yadin Rozov sold 14,660 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $199.54, for a total transaction of $2,925,256.40. Following the transaction, the director directly owned 79,923 shares in the company, valued at approximately $15,947,835.42. The trade was a 15.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 226,943 shares of company stock valued at $50,301,987. Insiders own 28.48% of the company's stock.

Hedge Funds Weigh In On Dave

Institutional investors have recently bought and sold shares of the company. WealthCollab LLC acquired a new position in Dave in the 2nd quarter valued at about $30,000. Nisa Investment Advisors LLC raised its position in shares of Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after buying an additional 148 shares during the period. KBC Group NV acquired a new position in Dave in the second quarter valued at approximately $85,000. Catalyst Capital Advisors LLC acquired a new position in Dave in the second quarter valued at approximately $141,000. Finally, Kingswood Wealth Advisors LLC purchased a new position in Dave in the second quarter worth approximately $208,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

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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