Dave (NASDAQ:DAVE) Stock Price Up 9.1% - Still a Buy?

Key Points

• Shares of Dave Inc. jumped 9.1% intraday to about $213, with volume rising ~19% to 679,481 shares versus the average session volume.
• Multiple analysts raised price targets (e.g., Keefe Bruyette & Woods to $295, Canaccord to $328, Citizens JMP to $335), leaving a consensus Moderate Buy rating and an average target of $315.25.
• The board authorized a $300 million share repurchase program to buy back up to 11.2% of shares, a move management says often indicates they view the stock as undervalued.

Shares of Dave Inc. (NASDAQ:DAVE - Get Free Report) shot up 9.1% during mid-day trading on Tuesday . The company traded as high as $213.76 and last traded at $212.9260. 679,481 shares were traded during trading, an increase of 19% from the average session volume of 570,212 shares. The stock had previously closed at $195.13.

Analysts Set New Price Targets

DAVE has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Dave from $250.00 to $295.00 and gave the company an "outperform" rating in a research note on Tuesday, March 3rd. Citizens Jmp raised their price target on shares of Dave from $310.00 to $335.00 and gave the company a "market outperform" rating in a research report on Friday. Weiss Ratings downgraded shares of Dave from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, January 26th. Benchmark reaffirmed a "buy" rating on shares of Dave in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group upped their price target on shares of Dave from $274.00 to $328.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $315.25.

Dave Price Performance

The stock's fifty day simple moving average is $188.74 and its 200-day simple moving average is $203.31. The firm has a market cap of $2.88 billion, a PE ratio of 15.74 and a beta of 3.81.

Dave announced that its board has approved a share repurchase program on Monday, March 2nd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the fintech company to reacquire up to 11.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Dave

Institutional investors and hedge funds have recently bought and sold shares of the business. WealthCollab LLC acquired a new position in Dave during the second quarter worth about $30,000. National Bank of Canada FI acquired a new position in Dave in the 3rd quarter valued at about $30,000. Blue Trust Inc. lifted its stake in shares of Dave by 106.8% in the 4th quarter. Blue Trust Inc. now owns 153 shares of the fintech company's stock valued at $34,000 after purchasing an additional 79 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Dave in the 4th quarter valued at approximately $36,000. Finally, Westend Capital Management LLC lifted its stake in shares of Dave by 100.0% in the 4th quarter. Westend Capital Management LLC now owns 200 shares of the fintech company's stock worth $44,000 after acquiring an additional 100 shares during the period. 18.01% of the stock is currently owned by institutional investors and hedge funds.

About Dave

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave's offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.

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