Dave (NASDAQ:DAVE) Shares Cross Above 200 Day Moving Average - Should You Sell?

Key Points

• Dave Inc. (NASDAQ:DAVE) stock has risen above its 200-day moving average of $161.28, trading at $210.14 with significant volume, signaling potential upward momentum.
• Eight research analysts have rated DAVE with a Buy rating, and the consensus target price is $262.17, reflecting positive outlook on the company's performance.
• The company has approved a $125 million stock repurchase plan, indicating confidence from the board in the stock's current valuation.

Dave Inc. (NASDAQ:DAVE - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $161.28 and traded as high as $212.62. Dave shares last traded at $210.14, with a volume of 308,227 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on DAVE. JMP Securities set a $280.00 price target on shares of Dave and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Lake Street Capital raised their price objective on shares of Dave from $118.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wall Street Zen lowered shares of Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Finally, Canaccord Genuity Group lifted their price target on shares of Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $262.17.

Dave Stock Performance

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 company has a market cap of $2.63 billion, a PE ratio of 51.49 and a beta of 3.93. The business's fifty day moving average is $217.74 and its 200-day moving average is $162.12.

Dave declared that its board has initiated a share repurchase program on Wednesday, August 13th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the fintech company to buy up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Dave

In other Dave news, Director Imran Khan sold 80,965 shares of Dave stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $211.14, for a total transaction of $17,094,950.10. Following the transaction, the director owned 98,886 shares of the company's stock, valued at $20,878,790.04. The trade was a 45.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason Wilk sold 172,667 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $211.95, for a total transaction of $36,596,770.65. Following the completion of the sale, the chief executive officer owned 225,411 shares in the company, valued at $47,775,861.45. This represents a 43.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 289,460 shares of company stock valued at $61,437,155 over the last 90 days. 28.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dave

Several large investors have recently bought and sold shares of the business. Leavell Investment Management Inc. increased its position in Dave by 4.6% during the second quarter. Leavell Investment Management Inc. now owns 4,510 shares of the fintech company's stock valued at $1,211,000 after acquiring an additional 200 shares during the last quarter. AlphaQuest LLC increased its position in Dave by 125.2% during the second quarter. AlphaQuest LLC now owns 4,318 shares of the fintech company's stock valued at $1,159,000 after acquiring an additional 2,401 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in Dave during the second quarter valued at $141,000. Silver Oak Wealth Advisors Services LLC bought a new position in Dave during the second quarter valued at $501,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Dave during the second quarter valued at $913,000. 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.