Goldman Sachs Group Inc. Sells 82,644 Shares of Dave Inc. $DAVE

Key Points

• Goldman Sachs Group Inc. reduced its stake in Dave Inc. by 47.5%, selling 82,644 shares and holding 91,347 shares valued at approximately $7.55 million.
• CEO Jason Wilk sold 7,557 shares of Dave at a price of $199.40, reflecting a 3.35% decrease in his ownership, while insiders collectively sold $9.12 million in shares over the last three months.
• Analysts have a mixed outlook on Dave, with different ratings and target price changes, resulting in an average rating of "Moderate Buy" and a consensus price target of $262.17.

Goldman Sachs Group Inc. lessened its holdings in Dave Inc. (NASDAQ:DAVE - Free Report) by 47.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,347 shares of the fintech company's stock after selling 82,644 shares during the quarter. Goldman Sachs Group Inc. owned 0.68% of Dave worth $7,551,000 as of its most recent SEC filing.

Separately, Great Lakes Advisors LLC bought a new stake in shares of Dave in the first quarter worth $3,487,000. 18.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on DAVE. Benchmark reissued a "buy" rating and issued a $320.00 price objective on shares of Dave in a research report on Monday, July 14th. Piper Sandler restated a "neutral" rating on shares of Dave in a report on Tuesday, June 10th. Barrington Research restated an "outperform" rating and set a $290.00 target price on shares of Dave in a report on Monday, August 18th. Citigroup restated an "outperform" rating on shares of Dave in a report on Thursday, August 7th. Finally, JMP Securities set a $280.00 target price on shares of Dave and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Dave presently has a consensus rating of "Moderate Buy" and an average price target of $262.17.

Dave Trading Up 4.5%

Shares of Dave stock traded up $10.36 on Friday, hitting $238.16. The stock had a trading volume of 377,661 shares, compared to its average volume of 502,045. The stock has a 50 day moving average of $208.24 and a 200 day moving average of $169.63. Dave Inc. has a twelve month low of $37.44 and a twelve month 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 firm has a market capitalization of $3.22 billion, a P/E ratio of 63.05 and a beta of 3.93.

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

Insider Activity

In other news, Director Imran Khan sold 39,534 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was 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 of the company's stock, valued at $17,651,814.30. This represents a 33.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Yadin Rozov sold 14,660 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $199.54, for a total transaction of $2,925,256.40. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 147,043 shares of company stock valued at $31,865,930 over the last quarter. 28.48% of the stock is owned by company insiders.

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.