Dave (NASDAQ:DAVE) Receives Outperform Rating from Barrington Research

Key Points

• Barrington Research reaffirmed an "Outperform" rating on Dave with a $290 price target, implying only about a 2.72% upside from the current share price.
• Across analysts the consensus is a "Moderate Buy" with an average target of $319.63, and several firms (Canaccord, Citizens, B. Riley) have recently raised targets into the $303–$335 range.
• Dave announced a $300 million share repurchase (up to ~11.2% of shares); the stock opened near $282.32, with a market cap of about $3.83 billion and a trailing P/E of 20.84.

Dave (NASDAQ:DAVE - Get Free Report)'s stock had its "outperform" rating reaffirmed by analysts at Barrington Research in a report issued on Monday,Benzinga reports. They presently have a $290.00 price target on the fintech company's stock. Barrington Research's target price suggests a potential upside of 2.72% from the stock's current price.

Several other research firms have also issued reports on DAVE. William Blair restated an "accumulate" rating on shares of Dave in a research report on Friday, March 13th. Canaccord Genuity Group increased their price target on shares of Dave from $274.00 to $328.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Citigroup reissued an "outperform" rating on shares of Dave in a research report on Friday, April 10th. B. Riley Financial lifted their target price on shares of Dave from $297.00 to $303.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. Finally, Citizens Jmp increased their price target on shares of Dave from $310.00 to $335.00 and gave the stock a "market outperform" rating in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $319.63.

Dave Price Performance

DAVE opened at $282.32 on Monday. Dave has a 1-year low of $102.11 and a 1-year high of $287.69. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 20.84 and a beta of 3.93. The business has a 50 day moving average price of $211.02 and a two-hundred day moving average price of $208.40.

Dave declared that its board has initiated a share repurchase plan on Monday, March 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the fintech company to repurchase up to 11.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Dave

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in Dave by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company's stock worth $2,412,000 after purchasing an additional 65 shares during the last quarter. Prudential Financial Inc. bought a new position in Dave in the second quarter worth $324,000. Invesco Ltd. boosted its stake in Dave by 2,379.9% during the second quarter. Invesco Ltd. now owns 97,485 shares of the fintech company's stock worth $26,166,000 after buying an additional 93,554 shares in the last quarter. First Trust Advisors LP bought a new stake in Dave in the 2nd quarter valued at $18,710,000. Finally, Cresset Asset Management LLC acquired a new position in shares of Dave in the 2nd quarter valued at $402,000. 18.01% of the stock is owned by institutional investors and hedge funds.

About Dave

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave's offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.

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