Dave's (DAVE) Buy Rating Reiterated at Benchmark

Key Points

• Benchmark analysts reaffirmed their buy rating for Dave (NASDAQ:DAVE) and set a price target of $320.00, indicating a potential upside of 60.52% from the current stock price.
• Dave's board initiated a $125.00 million stock buyback plan, reflecting the belief that the company's shares are undervalued.
• Insiders sold a total of 226,943 shares of Dave stock worth approximately $50.3 million in the last quarter, suggesting significant insider trading activity.

Dave (NASDAQ:DAVE - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Benchmark in a note issued to investors on Wednesday,Benzinga reports. They currently have a $320.00 price objective on the fintech company's stock. Benchmark's price objective points to a potential upside of 60.52% from the stock's current price.

A number of other equities research analysts have also weighed in on DAVE. JPMorgan Chase & Co. set a $300.00 price objective on shares of Dave in a report on Friday. Wall Street Zen downgraded shares of Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Canaccord Genuity Group lifted their price objective on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, B. Riley increased their target price on Dave from $239.00 to $277.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Dave has a consensus rating of "Moderate Buy" and an average target price of $274.13.

Dave Trading Down 5.5%

Shares of DAVE stock opened at $199.35 on Wednesday. The business has a 50-day moving average price of $211.66 and a two-hundred day moving average price of $177.82. Dave has a 12-month low of $37.44 and a 12-month high of $286.45. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.69 billion, a P/E ratio of 52.74 and a beta of 3.93.

Dave declared that its board has initiated a stock buyback plan on Wednesday, August 13th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Activity at Dave

In related news, Director Yadin Rozov sold 14,660 shares of the 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 completion of the transaction, the director directly owned 79,923 shares of the company's stock, valued at $15,947,835.42. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Imran Khan sold 39,534 shares of Dave stock in a transaction that occurred on 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 sale, the director directly owned 79,110 shares in the company, valued at approximately $17,651,814.30. The trade was a 33.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 226,943 shares of company stock worth $50,301,987 over the last quarter. 28.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Dave

Several hedge funds have recently made changes to their positions in DAVE. WealthCollab LLC purchased a new stake in Dave in the second quarter worth $30,000. Nisa Investment Advisors LLC boosted its holdings in shares of Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock valued at $41,000 after buying an additional 148 shares in the last quarter. KBC Group NV bought a new stake in shares of Dave during the 2nd quarter valued at $85,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Dave in the 2nd quarter worth about $141,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Dave in the 2nd quarter worth about $208,000. 18.01% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.