Dave (NASDAQ:DAVE) Stock Price Up 7.4% - Here's What Happened

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s share price traded up 7.4% on Thursday . The stock traded as high as $238.62 and last traded at $242.81. 115,198 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 442,006 shares. The stock had previously closed at $226.11.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Dave from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Canaccord Genuity Group increased their price objective on shares of Dave from $130.00 to $179.00 and gave the company a "buy" rating in a report on Friday, May 9th. B. Riley increased their price objective on shares of Dave from $206.00 to $239.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. JMP Securities increased their price objective on shares of Dave from $125.00 to $200.00 and gave the company a "market outperform" rating in a report on Friday, May 9th. Finally, Barrington Research reissued an "outperform" rating and set a $250.00 price objective on shares of Dave in a report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $212.33.

Dave Stock Performance

The business's fifty day moving average price is $176.61 and its two-hundred day moving average price is $121.02. 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 stock has a market capitalization of $3.33 billion, a P/E ratio of 68.77 and a beta of 3.93.

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 for the quarter, topping the consensus estimate of $0.82 by $1.15. Dave had a return on equity of 34.85% and a net margin of 13.75%. As a group, sell-side analysts forecast that Dave Inc. will post 1.07 earnings per share for the current year.

Dave declared that its board has authorized a stock buyback plan on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the fintech company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity at Dave

In related news, CEO Jason Wilk sold 172,667 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $211.95, for a total value of $36,596,770.65. Following the sale, the chief executive officer now directly owns 225,411 shares of the company's stock, valued at $47,775,861.45. This represents a 43.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov sold 5,500 shares of the stock in a transaction dated 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 now directly owns 95,678 shares in the company, valued at $19,799,605.32. This trade represents a 5.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 Trading of Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC acquired a new position in Dave Inc. (NASDAQ:DAVE - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and 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 0.33% of Dave at the end of the most recent reporting period. 18.01% of the stock is owned by hedge funds and other institutional investors.

Dave Company Profile

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.