Dave (NASDAQ:DAVE) Trading 5.9% Higher - Here's What Happened

Key Points

• Dave Inc. shares increased by 5.9% to $228.18, trading volume dropped significantly to 171,902 shares, which is a 65% decline from the average volume.
• Analysts have set new price targets for Dave, with JMP Securities raising its target to $300.00 while Wall Street Zen downgraded it to a "hold." Overall, the average target price is currently $274.13.
• Insider transactions included CEO Jason Wilk selling over 81,000 shares, indicating a 27.27% decrease in his position, raising concerns about insider sentiment.

Dave Inc. (NASDAQ:DAVE - Get Free Report)'s share price traded up 5.9% during trading on Tuesday . The company traded as high as $230.11 and last traded at $228.18. 171,902 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 491,108 shares. The stock had previously closed at $215.52.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JMP Securities boosted their price objective on Dave from $280.00 to $300.00 and gave the stock a "market outperform" rating in a research note on Friday, September 26th. Wall Street Zen lowered Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Benchmark reissued a "buy" rating and set a $320.00 target price on shares of Dave in a research note on Wednesday, October 1st. Canaccord Genuity Group increased their target price on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Citizens Jmp increased their target price on Dave from $280.00 to $300.00 and gave the stock a "mkt outperform" rating in a research note on Friday, September 26th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Dave presently has an average rating of "Moderate Buy" and an average target price of $274.13.

Dave Trading Up 4.3%

The company has a fifty day simple moving average of $209.22 and a two-hundred day simple moving average of $189.24. 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 company has a market cap of $3.03 billion, a PE ratio of 59.80 and a beta of 3.88.

Dave declared that its board has approved a share repurchase plan on Wednesday, August 13th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO Jason Wilk sold 81,693 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $230.28, for a total value of $18,812,264.04. Following the transaction, the chief executive officer owned 217,854 shares in the company, valued at approximately $50,167,419.12. This represents a 27.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Imran Khan sold 39,534 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $223.13, for a total value of $8,821,221.42. Following the completion of the transaction, the director owned 79,110 shares in the company, valued at approximately $17,651,814.30. The trade was a 33.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,943 shares of company stock worth $50,301,987. 28.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. WealthCollab LLC purchased a new position in Dave during the 2nd quarter worth approximately $30,000. Nisa Investment Advisors LLC increased its holdings in shares of Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after acquiring an additional 148 shares during the period. Exchange Traded Concepts LLC acquired a new position in shares of Dave in the 3rd quarter valued at $47,000. Team Financial Group LLC acquired a new position in shares of Dave in the 3rd quarter valued at $54,000. Finally, KBC Group NV acquired a new position in shares of Dave in the 2nd quarter valued at $85,000. Hedge funds and other institutional investors own 18.01% of the company's stock.

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.

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