Dave (NASDAQ:DAVE) Stock Price Up 7.2% - Here's What Happened

Key Points

• Dave Inc. (NASDAQ:DAVE) experienced a 7.2% increase in stock price, with shares trading as high as $211.00 before settling at $209.19 during mid-day trading.
• The company's Board of Directors has initiated a stock repurchase plan, allowing for the repurchase of $125 million in outstanding shares, indicating confidence in the stock's valuation.
• Analysts have issued mixed ratings for Dave's stock, with a consensus target price of $262.17, and eight analysts rating it as a Buy and one as Hold.

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s stock price rose 7.2% on Tuesday . The company traded as high as $211.00 and last traded at $209.19. Approximately 222,150 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 506,306 shares. The stock had previously closed at $195.20.

Analyst Upgrades and Downgrades

DAVE has been the topic of a number of recent analyst reports. Citigroup restated an "outperform" rating on shares of Dave in a report on Thursday, August 7th. JMP Securities set a $280.00 price objective on shares of Dave and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Wall Street Zen lowered shares of Dave from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Canaccord Genuity Group increased their price objective on shares of Dave from $179.00 to $229.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Dave in a research report on Tuesday, June 10th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $262.17.

Dave Stock Performance

The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average price of $215.18 and a 200 day moving average price of $163.53. The firm has a market cap of $2.93 billion, a PE ratio of 57.45 and a beta of 3.94.

Dave announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the fintech company to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity at Dave

In related news, Director Yadin Rozov sold 14,660 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $199.54, for a total value of $2,925,256.40. Following the sale, the director directly owned 79,923 shares in the company, valued at approximately $15,947,835.42. The trade was a 15.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael W. Pope sold 1,793 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $209.82, for a total transaction of $376,207.26. Following the completion of the sale, the director owned 6,375 shares in the company, valued at approximately $1,337,602.50. This trade represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,677 shares of company stock valued at $65,869,278 in the last quarter. Corporate insiders own 28.48% of the company's stock.

Institutional Trading of Dave

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

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