Dave (NASDAQ:DAVE) Shares Down 5.6% - What's Next?

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

Analyst Ratings Changes

A number of research firms have recently commented on DAVE. Piper Sandler reaffirmed a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. Benchmark reissued a "buy" rating and set a $320.00 target price (up from $229.00) on shares of Dave in a research note on Monday, June 30th. Wall Street Zen upgraded Dave from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. JMP Securities increased their price objective 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. Finally, Lake Street Capital boosted their target price on shares of Dave from $118.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Dave currently has an average rating of "Moderate Buy" and an average price target of $227.50.

Dave Stock Performance

The company's fifty day moving average is $208.01 and its 200 day moving average is $131.35. The company has a market capitalization of $2.71 billion, a P/E ratio of 55.88 and a beta of 3.98. The company has a current ratio of 8.59, a quick ratio of 8.59 and a debt-to-equity ratio of 0.38.

Dave (NASDAQ:DAVE - Get Free Report) last announced its earnings results on Thursday, May 8th. The fintech company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. As a group, equities analysts anticipate that Dave Inc. will post 1.07 earnings per share for the current year.

Insider Activity at Dave

In other news, CEO Jason Wilk sold 172,667 shares of the business's stock in a transaction on Friday, June 13th. The shares were 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 of the company's stock, valued at $47,775,861.45. The trade was a 43.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Yadin Rozov sold 5,500 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director owned 95,678 shares of the company's stock, valued at approximately $19,799,605.32. The trade was a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,960 shares of company stock valued at $62,575,325. 28.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dave

A number of hedge funds have recently made changes to their positions in DAVE. Great Lakes Advisors LLC purchased a new position in shares of Dave during the first quarter worth approximately $3,487,000. Pallas Capital Advisors LLC acquired a new stake in Dave in the 2nd quarter worth approximately $227,000. Baader Bank Aktiengesellschaft purchased a new stake in Dave during the 2nd quarter valued at about $591,000. Wealth Enhancement Advisory Services LLC acquired a new position in Dave in the 2nd quarter worth approximately $656,000. Finally, Harbour Capital Advisors LLC purchased a new stake in Dave in the second quarter valued at $621,000. 18.01% of the stock is currently owned by hedge funds and other institutional investors.

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.