Dave (NASDAQ:DAVE) Shares Up 9.4% - Should You Buy?

Key Points

• Dave Inc. shares rose by 9.4%, closing at $202.08, after previously trading as low as $184.64.
• The stock has a consensus rating of "Moderate Buy" with an average price target of $262.17, reflecting a mix of buy, hold, and neutral ratings from various analysts.
• Insider transactions showed significant sales with directors reducing their holdings, indicating potential caution among company insiders.

Dave Inc. (NASDAQ:DAVE - Get Free Report) shares shot up 9.4% during mid-day trading on Wednesday . The stock traded as high as $200.00 and last traded at $202.08. 396,816 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 516,655 shares. The stock had previously closed at $184.64.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DAVE. Wall Street Zen lowered Dave from a "buy" rating to a "hold" rating in a research report on Saturday. Lake Street Capital lifted their price target on Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. Canaccord Genuity Group boosted their target price on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, JMP Securities set a $280.00 target price on Dave and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Dave has a consensus rating of "Moderate Buy" and an average price target of $262.17.

Dave Trading Up 8.6%

The stock has a 50 day simple moving average of $223.24 and a 200-day simple moving average of $150.64. The firm has a market capitalization of $2.67 billion, a P/E ratio of 53.04 and a beta of 3.95. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35.

Insider Transactions at Dave

In other Dave news, Director Imran Khan sold 80,965 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $211.14, for a total transaction of $17,094,950.10. Following the completion of the sale, the director directly owned 98,886 shares in the company, valued at $20,878,790.04. The trade was a 45.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael W. Pope sold 1,793 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $209.82, for a total value of $376,207.26. Following the sale, the director owned 6,375 shares of the company's stock, valued at approximately $1,337,602.50. This represents a 21.95% 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 valued at $62,575,325. 28.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. grew its stake in shares of Dave by 3.2% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,953 shares of the fintech company's stock valued at $524,000 after acquiring an additional 60 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Dave by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company's stock valued at $2,412,000 after acquiring an additional 65 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Dave by 3.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 2,931 shares of the fintech company's stock valued at $787,000 after acquiring an additional 91 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after acquiring an additional 148 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Dave by 23.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 947 shares of the fintech company's stock valued at $254,000 after acquiring an additional 181 shares during the period. 18.01% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.