Great Lakes Advisors LLC Makes New $3.49 Million Investment in Dave Inc. $DAVE

Key Points

• Great Lakes Advisors LLC has made a new investment of approximately $3.49 million in Dave Inc., acquiring 42,179 shares during the first quarter.
• Wall Street analysts have shown strong confidence in Dave, with eight analysts rating it as a Buy and a consensus target price of $262.17.
• Dave has initiated a $125 million stock repurchase plan to buy back up to 5.1% of its shares, indicating a belief from management that the stock is undervalued.

Great Lakes Advisors LLC purchased a new stake in shares of Dave Inc. (NASDAQ:DAVE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 42,179 shares of the fintech company's stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned 0.33% of Dave at the end of the most recent reporting period.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. B. Riley boosted their target price on shares of Dave from $239.00 to $277.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Canaccord Genuity Group upped their price target on Dave from $179.00 to $229.00 and gave the company a "buy" rating in a research report on Friday, August 8th. JMP Securities set a $280.00 price objective on Dave and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Barrington Research reaffirmed an "outperform" rating and set a $290.00 target price on shares of Dave in a research note on Monday, August 18th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Dave in a report on Tuesday, June 10th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $262.17.

Insider Transactions at Dave

In related news, Director Imran Khan sold 80,965 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $211.14, for a total value of $17,094,950.10. Following the transaction, the director owned 98,886 shares in the company, valued at approximately $20,878,790.04. This represents a 45.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael W. Pope sold 1,793 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $209.82, for a total transaction of $376,207.26. Following the transaction, the director directly owned 6,375 shares in the company, valued at approximately $1,337,602.50. The trade was a 21.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,677 shares of company stock worth $65,869,278. 28.48% of the stock is owned by corporate insiders.

Dave Stock Performance

Shares of NASDAQ DAVE opened at $214.25 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51. Dave Inc. has a one year low of $31.75 and a one year high of $286.45. The business's 50-day moving average price is $213.19 and its two-hundred day moving average price is $165.06. The company has a market capitalization of $2.89 billion, a P/E ratio of 56.68 and a beta of 3.93.

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

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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