Harbour Capital Advisors LLC Buys New Stake in Dave Inc. $DAVE

Key Points

• Harbour Capital Advisors LLC has made a new investment in Dave Inc., acquiring a stake of 2,300 shares valued at approximately $621,000.
• Directors have sold significant amounts of stock, with Yadin Rozov selling 14,660 shares for about $2.9 million and Imran Khan selling 39,534 shares for approximately $8.8 million, indicating potential insider sentiment adjustments.
• Analysts maintain a consensus rating of "Moderate Buy" for Dave, with price target changes reflecting positive sentiment, including increases from Canaccord Genuity and B. Riley.

Harbour Capital Advisors LLC acquired a new stake in shares of Dave Inc. (NASDAQ:DAVE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,300 shares of the fintech company's stock, valued at approximately $621,000.

Several other large investors have also recently made changes to their positions in DAVE. Pallas Capital Advisors LLC purchased a new stake in shares of Dave in the second quarter valued at about $227,000. Baader Bank Aktiengesellschaft acquired a new position in Dave during the 2nd quarter valued at $591,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Dave during the 2nd quarter worth about $656,000. Finally, Great Lakes Advisors LLC bought a new position in Dave during the 1st quarter worth approximately $3,487,000. 18.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on DAVE shares. JMP Securities set a $280.00 target price on Dave and gave the company a "market outperform" rating in a report on Thursday, August 7th. B. Riley increased their price target on Dave from $239.00 to $277.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen cut Dave from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets restated an "outperform" rating on shares of Dave in a research report on Tuesday, June 10th. Finally, Canaccord Genuity Group upped their price target on Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Dave has an average rating of "Moderate Buy" and an average target price of $262.17.

Dave Trading Down 4.3%

DAVE stock traded down $10.50 during midday trading on Tuesday, reaching $232.07. The company's stock had a trading volume of 252,152 shares, compared to its average volume of 504,730. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. Dave Inc. has a 52 week low of $37.44 and a 52 week high of $286.45. The business's 50-day simple moving average is $209.52 and its 200-day simple moving average is $172.21. The stock has a market cap of $3.13 billion, a PE ratio of 61.75 and a beta of 3.94.

Dave declared that its Board of Directors has authorized a share buyback 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 buy up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Jason Wilk sold 81,693 shares of the business's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the sale, the chief executive officer directly owned 217,854 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, Director Yadin Rozov sold 4,726 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $228.06, for a total transaction of $1,077,811.56. Following the sale, the director directly owned 75,197 shares in the company, valued at $17,149,427.82. This trade represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 226,943 shares of company stock worth $50,301,987. Insiders own 28.48% of the company's stock.

About Dave

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.