Dave (NASDAQ:DAVE) Stock Price Down 12.7% - What's Next?

Dave Inc (NASDAQ:DAVE - Get Free Report) shares traded down 12.7% during trading on Friday . The company traded as low as $207.26 and last traded at $207.93. 295,849 shares traded hands during trading, a decline of 32% from the average session volume of 431,936 shares. The stock had previously closed at $238.25.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Lake Street Capital raised their price target on shares of Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. JMP Securities raised their price target 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. B. Riley raised their price target 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. Canaccord Genuity Group raised their price target on shares of Dave from $130.00 to $179.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Dave from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $212.33.

Dave Stock Down 12.6%

The business's 50 day moving average price is $146.65 and its 200-day moving average price is $111.07. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.81 and a quick ratio of 6.81. The company has a market cap of $2.78 billion, a P/E ratio of 66.53 and a beta of 3.93.

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

Dave declared that its board 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 reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, Director Yadin Rozov sold 5,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $206.94, for a total value of $1,138,170.00. Following the completion of the sale, the director now owns 95,678 shares of the company's stock, valued at $19,799,605.32. This trade represents a 5.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 28.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Dave

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

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.