3,400 Shares in Dave Inc. $DAVE Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 3,400 shares of Dave Inc. valued at approximately $913,000, marking a significant investment in the fintech company during Q2.
• Multiple hedge funds, including Great Lakes Advisors LLC and Baader Bank Aktiengesellschaft, have also established new stakes in Dave, indicating increased institutional interest.
• CEO Jason Wilk sold over 81,000 shares of Dave at an average price of $230.28, reflecting a 27.27% reduction in his ownership, while the company has authorized a $125 million stock buyback program.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Dave Inc. (NASDAQ:DAVE - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,400 shares of the fintech company's stock, valued at approximately $913,000.

Other hedge funds have also added to or reduced their stakes in the company. Great Lakes Advisors LLC acquired a new stake in Dave during the 1st quarter worth approximately $3,487,000. Baader Bank Aktiengesellschaft bought a new position in Dave during the 2nd quarter worth $591,000. Harbour Capital Advisors LLC bought a new position in Dave during the 2nd quarter worth $621,000. Pallas Capital Advisors LLC bought a new position in Dave during the 2nd quarter worth $227,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Dave during the 2nd quarter worth $656,000. 18.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on DAVE shares. Zacks Research upgraded Dave from a "strong sell" rating to a "hold" rating in a research note on Monday. Weiss Ratings restated a "hold (c+)" rating on shares of Dave in a research note on Wednesday, October 8th. JMP Securities raised 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. Citigroup reiterated an "outperform" rating on shares of Dave in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lifted their price target on Dave from $179.00 to $229.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $274.13.

Insider Buying and Selling

In related news, CEO Jason Wilk sold 81,693 shares of the business's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the sale, the chief executive officer owned 217,854 shares in the company, valued at $50,167,419.12. The trade was a 27.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Imran Khan sold 8,535 shares of the business's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $217.70, for a total value of $1,858,069.50. Following the sale, the director owned 48,885 shares in the company, valued at $10,642,264.50. This represents a 14.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,943 shares of company stock worth $50,301,987 in the last 90 days. Insiders own 28.48% of the company's stock.

Dave Trading Up 10.4%

Shares of DAVE opened at $240.96 on Friday. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 63.75 and a beta of 3.88. Dave Inc. has a 52-week low of $37.44 and a 52-week high of $286.45. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. The business's fifty day moving average is $211.21 and its 200-day moving average is $192.41.

Dave announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 13th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the fintech company to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Dave 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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