Dave (NASDAQ:DAVE) Stock Price Passes Above 200 Day Moving Average After Earnings Miss

Key Points

• Dave Inc.'s stock price surpassed its 200-day moving average after announcing earnings, although its earnings per share of $0.62 missed analyst estimates of $2.08.
• Multiple analysts have given ratings for Dave's stock, with Barrington Research setting a price target of $290.00 and a consensus rating of "Moderate Buy".
• Insider trading activities include the sale of thousands of shares by both CEO Jason Wilk and Director Yadin Rozov, indicating some insider movement in the company.

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday after the company announced better than expected quarterly earnings. The stock has a 200-day moving average of $148.03 and traded as high as $235.48. Dave shares last traded at $196.11, with a volume of 2,644,863 shares.

The fintech company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($1.46). The company had revenue of $131.70 million during the quarter, compared to analyst estimates of $112.83 million. Dave had a return on equity of 34.85% and a net margin of 13.75%.

Analyst Upgrades and Downgrades

DAVE has been the subject of several research reports. Citigroup reiterated an "outperform" rating on shares of Dave in a research note on Monday, July 14th. Canaccord Genuity Group boosted their price objective on Dave from $130.00 to $179.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Piper Sandler reiterated a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Barrington Research reissued an "outperform" rating and issued a $290.00 price target on shares of Dave in a report on Monday. Finally, JMP Securities set a $260.00 price objective on shares of Dave and gave the stock a "market outperform" rating in a report on Monday, July 14th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Dave currently has a consensus rating of "Moderate Buy" and a consensus target price of $250.50.

Insider Activity

In related news, Director Yadin Rozov sold 5,500 shares of the firm's stock in a transaction 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 sale, the director directly owned 95,678 shares of the company's stock, valued at $19,799,605.32. This trade represents a 5.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jason Wilk sold 172,667 shares of the stock in a transaction 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 owned 225,411 shares in the company, valued at $47,775,861.45. The trade was a 43.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 294,960 shares of company stock worth $62,575,325. Company insiders own 28.48% of the company's stock.

Institutional Investors Weigh In On Dave

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Great Lakes Advisors LLC acquired a new stake in shares of Dave in the first quarter valued at approximately $3,487,000. Pallas Capital Advisors LLC bought a new stake in Dave during the 2nd quarter worth about $227,000. Baader Bank Aktiengesellschaft bought a new position in shares of Dave in the 2nd quarter valued at about $591,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Dave during the second quarter worth approximately $656,000. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Dave during the 2nd quarter valued at $621,000. Institutional investors and hedge funds own 18.01% of the company's stock.

Dave Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.59 and a current ratio of 8.59. The company has a 50-day moving average price of $224.90 and a 200-day moving average price of $148.03. The firm has a market capitalization of $2.62 billion, a P/E ratio of 54.02 and a beta of 3.95.

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.

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