Dave (NASDAQ:DAVE) Given Outperform Rating at Barrington Research

Key Points

• Barrington Research has reiterated an "outperform" rating for Dave Inc. (NASDAQ:DAVE), with a price target of $290.00, suggesting a potential upside of 44% from its current stock price.
• The company has approved a new share buyback plan allowing for the repurchase of up to $125 million in outstanding shares, which reflects management's confidence in the stock's value.
• Insider activity shows notable sales, with directors selling approximately 294,960 shares over the past 90 days, indicating potential concern or strategic repositioning among insiders.

Barrington Research reiterated their outperform rating on shares of Dave (NASDAQ:DAVE - Free Report) in a research note issued to investors on Monday morning,Benzinga reports. Barrington Research currently has a $290.00 target price on the fintech company's stock.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets reissued an "outperform" rating on shares of Dave in a research note on Tuesday, June 10th. Lake Street Capital raised their target price on Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Canaccord Genuity Group increased their price target on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a report on Tuesday, June 10th. Finally, Wall Street Zen lowered Dave from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Dave currently has a consensus rating of "Moderate Buy" and an average target price of $262.17.

Dave Trading Up 6.8%

Shares of DAVE stock traded up $12.74 on Monday, hitting $199.00. The company had a trading volume of 316,422 shares, compared to its average volume of 665,479. The firm has a market cap of $2.69 billion, a P/E ratio of 52.65 and a beta of 3.95. The stock's 50-day moving average is $219.31 and its two-hundred day moving average is $155.46. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. Dave has a twelve month low of $31.75 and a twelve month high of $286.45.

Dave declared that its board has authorized a share buyback plan on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Jason Wilk sold 172,667 shares of the firm'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 value of $36,596,770.65. Following the transaction, the chief executive officer owned 225,411 shares in the company, valued at $47,775,861.45. This trade represents a 43.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Imran Khan sold 80,965 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $211.14, for a total value of $17,094,950.10. Following the completion of the transaction, the director owned 98,886 shares in the company, valued at $20,878,790.04. This represents a 45.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 294,960 shares of company stock worth $62,575,325 over the last three months. Company insiders own 28.48% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Cim LLC bought a new stake in Dave during the second quarter worth $632,000. FORA Capital LLC purchased a new position in Dave in the second quarter worth $1,758,000. WealthCollab LLC purchased a new position in Dave in the second quarter worth $30,000. Tenzing Global Management LLC purchased a new position in Dave in the second quarter worth $6,442,000. Finally, Shellback Capital LP purchased a new position in Dave in the second quarter worth $14,855,000. Institutional investors 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.