Dave (NASDAQ:DAVE) Stock Price Down 5.6% - Should You Sell?

Dave Inc. (NASDAQ:DAVE - Get Free Report) fell 5.6% on Tuesday . The company traded as low as $259.04 and last traded at $264.27. 213,895 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 439,360 shares. The stock had previously closed at $279.80.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DAVE. Barrington Research reaffirmed an "outperform" rating and issued a $250.00 price objective on shares of Dave in a research note on Thursday, June 12th. B. Riley increased their price target on Dave from $206.00 to $239.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Benchmark reissued a "buy" rating and set a $320.00 price target (up from $229.00) on shares of Dave in a research note on Monday, June 30th. Lake Street Capital increased their price target on Dave from $118.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, JMP Securities increased their price target on Dave from $125.00 to $200.00 and gave the company a "market outperform" rating in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Dave has a consensus rating of "Moderate Buy" and a consensus target price of $227.50.

Dave Stock Performance

The company has a debt-to-equity ratio of 0.38, a current ratio of 8.59 and a quick ratio of 8.59. The business has a 50-day simple moving average of $198.96 and a 200-day simple moving average of $128.39. The firm has a market capitalization of $3.50 billion, a PE ratio of 72.20 and a beta of 3.98.

Dave (NASDAQ:DAVE - Get Free Report) last issued its quarterly earnings data 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 return on equity of 34.85% and a net margin of 13.75%. Equities research analysts expect that Dave Inc. will post 1.07 earnings per share for the current fiscal year.

Dave announced that its Board of Directors has authorized a stock repurchase program on Monday, March 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the fintech company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jason Wilk sold 172,667 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.95, for a total value of $36,596,770.65. Following the sale, the chief executive officer directly owned 225,411 shares in the company, valued at approximately $47,775,861.45. This represents a 43.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Imran Khan sold 80,965 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.14, for a total value of $17,094,950.10. Following the completion of the sale, the director owned 98,886 shares in the company, valued at approximately $20,878,790.04. The trade was a 45.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 294,960 shares of company stock valued at $62,575,325. Corporate insiders own 28.48% of the company's stock.

Institutional Investors Weigh In On Dave

A hedge fund recently bought a new stake in Dave stock. Great Lakes Advisors LLC acquired a new position in Dave Inc. (NASDAQ:DAVE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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 as of its most recent SEC filing. Institutional investors and hedge funds 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.

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.