Dave (NASDAQ:DAVE) Stock Price Passes Above 200-Day Moving Average - Here's Why

Dave Inc (NASDAQ:DAVE - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $110.20 and traded as high as $233.59. Dave shares last traded at $231.67, with a volume of 389,066 shares.

Analyst Upgrades and Downgrades

DAVE has been the subject of a number of recent research reports. Lake Street Capital raised their price target on Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. B. Riley boosted their target price on Dave from $206.00 to $239.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. Piper Sandler reaffirmed a "neutral" rating on shares of Dave in a report on Tuesday. 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. Finally, JMP Securities increased their target price on shares of Dave from $125.00 to $200.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Dave currently has an average rating of "Moderate Buy" and an average target price of $212.33.

Dave Price Performance

The company has a current ratio of 6.81, a quick ratio of 6.81 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $146.65 and a 200 day simple moving average of $111.07. The stock has a market capitalization of $3.18 billion, a P/E ratio of 76.12 and a beta of 3.93.

Dave (NASDAQ:DAVE - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The fintech company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $0.82 by $1.15. Dave had a return on equity of 17.16% and a net margin of 12.92%. On average, analysts expect that Dave Inc will post 1.07 earnings per share for the current year.

Dave announced that its board has authorized a share buyback program on Monday, March 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the fintech company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Insider Transactions at Dave

In related news, Director Yadin Rozov sold 5,500 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 28.48% of the company's stock.

Hedge Funds Weigh In On Dave

A hedge fund recently bought a new stake in Dave stock. Great Lakes Advisors LLC acquired a new stake in shares of Dave Inc (NASDAQ:DAVE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned 0.33% of Dave at the end of the most recent quarter. 18.01% of the stock is currently 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.