Dave (NASDAQ:DAVE) Shares Down 5.8% - Here's What Happened

Key Points

• Dave shares fell 5.8% to about $344.21 in thin trading, despite the company reporting solid second-quarter growth and a sharply higher full-year 2026 outlook.
• Second-quarter revenue rose 30% year over year to $170.8 million, adjusted EBITDA increased 48% to $75.5 million, and ExtraCash originations grew 27% to $2.3 billion. Management raised 2026 revenue guidance to $725 million–$735 million and adjusted EPS guidance to $17.00–$17.50.
• Investor caution may have stemmed from a reported GAAP EPS of $0.49 versus a cited $3.44 consensus, although non-cash warrant and earnout remeasurement charges affected results. Analysts remained broadly positive, with a consensus “Moderate Buy” rating and an average price target of $412.90.

Shares of Dave Inc. (NASDAQ:DAVE - Get Free Report) were down 5.8% on Friday . The company traded as low as $345.79 and last traded at $344.2050. Approximately 127,822 shares traded hands during trading, a decline of 78% from the average daily volume of 569,935 shares. The stock had previously closed at $365.26.

Key Headlines Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Dave raised its full-year 2026 outlook to $725 million-$735 million in revenue and $17.00-$17.50 in adjusted diluted EPS, above analyst expectations of approximately $714.7 million and $16.36, respectively. The company plans to increase second-half marketing investment to support growth. Dave 2026 outlook article
• Positive Sentiment: Second-quarter revenue increased 30% year over year to $170.8 million, while adjusted EBITDA rose 48% to $75.5 million, representing a 44% margin. ExtraCash originations grew 27% to $2.3 billion, and the 28-day delinquency rate improved to 2.12%. Dave second-quarter results
• Positive Sentiment: Analysts raised their price targets following the results: Keefe, Bruyette & Woods increased its target to $490 and maintained an “outperform” rating; Citizens JMP raised its target to $475 with a “market outperform” rating; and B. Riley lifted its target to $449 and assigned a “buy” rating. KBW Dave price target Citizens JMP Dave forecast
• Neutral Sentiment: Management highlighted CashAI v6, higher ExtraCash limits, improved credit performance and increased marketing as key growth drivers. These investments could accelerate expansion but may also raise near-term operating costs. Dave earnings call highlights
• Negative Sentiment: Reported GAAP EPS was $0.49, below the $3.44 consensus cited by some data providers, and net income included $36.9 million in non-cash warrant and earnout remeasurement charges. Although adjusted EPS was reported at $4.12 by Zacks, the conflicting headline figures likely contributed to investor caution. Dave quarterly earnings article

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Lake Street Capital reiterated a "buy" rating and issued a $450.00 target price on shares of Dave in a report on Thursday. Freedom Capital upgraded shares of Dave to a "hold" rating in a report on Thursday, July 30th. Weiss Ratings downgraded shares of Dave from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday. Barrington Research boosted their price objective on shares of Dave from $290.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 12th. Finally, Citigroup reissued an "outperform" rating on shares of Dave in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $412.90.

Dave Stock Down 8.2%

The company's 50-day moving average is $355.83 and its 200 day moving average is $260.65. The stock has a market capitalization of $4.26 billion, a PE ratio of 21.73 and a beta of 3.83. The company has a current ratio of 3.86, a quick ratio of 3.86 and a debt-to-equity ratio of 0.95.

Dave (NASDAQ:DAVE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The fintech company reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.44 by ($2.95). The company had revenue of $170.79 million for the quarter, compared to analyst estimates of $171.11 million. Dave had a net margin of 34.58% and a return on equity of 72.34%. Dave has set its FY 2026 guidance at 17.000-17.500 EPS. As a group, analysts anticipate that Dave Inc. will post 15.66 EPS for the current year.

Insider Buying and Selling at Dave

In related news, Director Dan Preston sold 275 shares of the company's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $247.65, for a total value of $68,103.75. Following the transaction, the director directly owned 5,466 shares of the company's stock, valued at $1,353,654.90. This represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jason Wilk sold 8,474 shares of Dave stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $275.05, for a total value of $2,330,773.70. Following the sale, the chief executive officer directly owned 299,950 shares of the company's stock, valued at approximately $82,501,247.50. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. 23.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dave

A number of institutional investors and hedge funds have recently modified their holdings of DAVE. WealthCollab LLC acquired a new position in Dave in the 2nd quarter worth approximately $30,000. National Bank of Canada FI acquired a new stake in Dave during the 3rd quarter valued at approximately $30,000. Blue Trust Inc. boosted its holdings in shares of Dave by 106.8% in the 4th quarter. Blue Trust Inc. now owns 153 shares of the fintech company's stock valued at $34,000 after acquiring an additional 79 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Dave in the 4th quarter valued at $36,000. Finally, Harbour Investments Inc. acquired a new stake in shares of Dave in the fourth quarter worth $66,000. Institutional investors and hedge funds own 18.01% of the company's stock.

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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