Dave (NASDAQ:DAVE) Receives "Outperform" Rating from 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.

Dave (NASDAQ:DAVE - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Barrington Research in a research note issued on Monday,Benzinga reports. They presently have a $290.00 price objective on the fintech company's stock. Barrington Research's target price would indicate a potential upside of 44.00% from the stock's current price.

DAVE has been the topic of a number of other reports. B. Riley boosted their price target on shares of Dave from $239.00 to $277.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Piper Sandler reissued a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Wall Street Zen downgraded shares of Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets reissued an "outperform" rating on shares of Dave in a research note on Tuesday, June 10th. Finally, JMP Securities set a $280.00 target price on shares of Dave and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $262.17.

Dave Price Performance

Dave stock opened at $201.39 on Monday. The company's 50 day simple moving average is $222.54 and its 200-day simple moving average is $152.93. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 53.28 and a beta of 3.95. Dave has a 1 year low of $31.75 and a 1 year high of $286.45. 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 announced that its Board of Directors has approved a share buyback plan on Wednesday, August 13th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In other Dave news, Director Yadin Rozov sold 5,500 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total value of $1,138,170.00. Following the sale, the director directly owned 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 SEC, which is available at this link. Also, Director Michael W. Pope sold 1,793 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $209.82, for a total transaction of $376,207.26. Following the completion of the sale, the director directly owned 6,375 shares in the company, valued at approximately $1,337,602.50. This represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 294,960 shares of company stock valued at $62,575,325. 28.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dave

Large investors have recently modified their holdings of the company. Leavell Investment Management Inc. increased its position in shares of Dave by 4.6% in the 2nd quarter. Leavell Investment Management Inc. now owns 4,510 shares of the fintech company's stock valued at $1,211,000 after purchasing an additional 200 shares during the last quarter. AlphaQuest LLC grew its position in shares of Dave by 125.2% in the 2nd quarter. AlphaQuest LLC now owns 4,318 shares of the fintech company's stock valued at $1,159,000 after buying an additional 2,401 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Dave in the 2nd quarter valued at $141,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Dave in the 2nd quarter valued at $913,000. Finally, Silver Oak Wealth Advisors Services LLC purchased a new position in shares of Dave in the 2nd quarter valued at $501,000. 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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