Dave (NASDAQ:DAVE) Shares Gap Up Following Analyst Upgrade

Shares of Dave Inc. (NASDAQ:DAVE - Get Free Report) gapped up prior to trading on Monday after Benchmark raised their price target on the stock from $229.00 to $320.00. The stock had previously closed at $249.64, but opened at $259.69. Benchmark currently has a buy rating on the stock. Dave shares last traded at $272.59, with a volume of 56,225 shares.

A number of other equities research analysts have also issued reports on DAVE. Canaccord Genuity Group increased their price objective on shares of Dave from $130.00 to $179.00 and gave the company a "buy" rating in a report on Friday, May 9th. B. Riley lifted their price objective on shares of Dave from $206.00 to $239.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Dave from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a report on Tuesday, June 10th. Finally, JMP Securities raised their price objective on shares of Dave from $125.00 to $200.00 and gave the stock a "market outperform" rating in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $227.50.

Insider Buying and Selling at Dave

In other news, Director Michael W. Pope sold 1,793 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $209.82, for a total value of $376,207.26. Following the sale, the director now owns 6,375 shares in the company, valued at $1,337,602.50. This represents a 21.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Yadin Rozov sold 5,500 shares of Dave stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total transaction of $1,138,170.00. Following the transaction, the director now directly owns 95,678 shares of the company's stock, valued at approximately $19,799,605.32. This trade represents a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 294,960 shares of company stock worth $62,575,325. 28.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC purchased a new position in shares of Dave Inc. (NASDAQ:DAVE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned about 0.33% of Dave at the end of the most recent reporting period. Hedge funds and other institutional investors own 18.01% of the company's stock.

Dave Trading Up 9.4%

The company has a 50-day moving average price of $176.61 and a 200-day moving average price of $121.02. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 75.02 and a beta of 3.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.59 and a current ratio of 8.59.

Dave (NASDAQ:DAVE - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. As a group, research analysts forecast that Dave Inc. will post 1.07 EPS for the current fiscal year.

Dave announced that its Board of Directors has initiated a share repurchase plan on Monday, March 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the fintech company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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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