Dave (NASDAQ:DAVE) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Dave Inc.'s stock recently surpassed its 200-day moving average, trading as high as $211.34 before closing at $199.35.
• Brokerages have revised their price targets for Dave, with JMP Securities setting a target of $300.00 and B. Riley at $277.00, reflecting a consensus rating of "Moderate Buy".
• The company has authorized a $125 million stock buyback plan, indicating management's belief that the stock is undervalued.

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $177.82 and traded as high as $211.34. Dave shares last traded at $199.35, with a volume of 653,905 shares traded.

Analysts Set New Price Targets

Several brokerages recently weighed in on DAVE. JMP Securities upped their price target on Dave from $280.00 to $300.00 and gave the stock a "market outperform" rating in a research note on Friday, September 26th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. B. Riley boosted their price objective on shares of Dave from $239.00 to $277.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Barrington Research reaffirmed an "outperform" rating and set a $290.00 target price on shares of Dave in a research note on Monday, August 18th. Finally, Benchmark reiterated a "buy" rating and set a $320.00 target price on shares of Dave in a report on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $274.13.

Dave Trading Down 5.5%

The stock has a market cap of $2.69 billion, a PE ratio of 52.74 and a beta of 3.93. 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 stock's fifty day moving average price is $211.66 and its 200 day moving average price is $177.82.

Dave announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 13th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the fintech company to repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Transactions at Dave

In other news, CEO Jason Wilk sold 81,693 shares of the company's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the transaction, the chief executive officer directly owned 217,854 shares of the company's stock, valued at $50,167,419.12. This represents a 27.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Yadin Rozov sold 14,660 shares of Dave stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $199.54, for a total value of $2,925,256.40. Following the completion of the sale, the director owned 79,923 shares of the company's stock, valued at $15,947,835.42. The trade was a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,943 shares of company stock worth $50,301,987 over the last quarter. 28.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WealthCollab LLC purchased a new stake in Dave in the second quarter worth approximately $30,000. Nisa Investment Advisors LLC boosted its stake in shares of Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock worth $41,000 after buying an additional 148 shares during the last quarter. KBC Group NV purchased a new position in shares of Dave in the 2nd quarter worth $85,000. Catalyst Capital Advisors LLC bought a new stake in shares of Dave in the second quarter worth $141,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Dave during the second quarter valued at $208,000. 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.

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