Neuberger Berman Group LLC Acquires New Holdings in Dave Inc. $DAVE

Key Points

• Neuberger Berman bought a new stake in Dave Inc., acquiring 134,064 shares valued at about $26.7 million and representing roughly 0.99% of the company.
• Dave priced a $175M 0% convertible senior notes offering to fund share repurchases (about 334,000 shares) and capped calls, and its Board authorized a separate $300M buyback (up to 11.2% of shares); these moves support near‑term EPS but increase debt and potential future dilution.
• Analyst coverage is broadly positive with a consensus "Moderate Buy" and an average target of $312.13, but heavy recent insider selling (97,771 shares sold, ~$19.2M) creates a notable cautionary signal.

Neuberger Berman Group LLC bought a new stake in Dave Inc. (NASDAQ:DAVE - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 134,064 shares of the fintech company's stock, valued at approximately $26,726,000. Neuberger Berman Group LLC owned about 0.99% of Dave at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DAVE. WealthCollab LLC acquired a new stake in shares of Dave during the second quarter valued at about $30,000. Exchange Traded Concepts LLC purchased a new position in shares of Dave during the 3rd quarter worth approximately $47,000. Team Financial Group LLC acquired a new stake in Dave in the 3rd quarter valued at approximately $54,000. KBC Group NV purchased a new stake in Dave in the second quarter valued at approximately $85,000. Finally, State of Alaska Department of Revenue acquired a new position in Dave during the third quarter worth $97,000. Hedge funds and other institutional investors own 18.01% of the company's stock.

Key Stories Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Company priced a $175M 0% convertible senior notes offering and will use net proceeds to repurchase about 334,000 shares (~$70.5M) and to fund capped calls that limit dilution — this is supportive of near-term EPS/price support. Convertible Notes & Repurchase Release
• Positive Sentiment: Multiple brokerages raised price targets and issued upgrades in recent days (including Keefe, Lake Street, B. Riley, Canaccord), and third‑party coverage shows a consensus “Moderate Buy” — analysts expect upside versus current levels. Analyst Coverage Summary
• Positive Sentiment: Company reiterated/expanded share repurchase activity (public reports of a broader buyback program), signaling management intent to support the stock. Buyback Announcement
• Neutral Sentiment: Management entered capped call transactions that raise the effective conversion premium to 100% — these reduce dilution risk on conversion but include a high cap price (limits upside benefit to holders). Capped Call Details
• Negative Sentiment: The convertible notes increase the company’s debt obligations (0% coupons but senior unsecured debt) and create potential future dilution if conversion occurs; some investors view financing via convertibles and buybacks as a trade-off vs. investing in growth. Convertible Offering Analysis
• Negative Sentiment: Material insider selling has been reported (numerous open-market sales and no insider purchases in the period cited), which can worry investors about insiders’ sentiment on near-term upside. Insider Activity Details
• Neutral Sentiment: Short-interest reports in the feed show no meaningful, reliable short data (entries list zeros/NaN), so short-squeeze risk appears minimal based on available figures but treat these data as noisy.

Analyst Upgrades and Downgrades

DAVE has been the subject of a number of research reports. Wall Street Zen cut Dave from a "buy" rating to a "hold" rating in a research note on Saturday. William Blair restated an "outperform" rating on shares of Dave in a report on Tuesday. Canaccord Genuity Group lifted their target price on Dave from $274.00 to $328.00 and gave the company a "buy" rating in a research report on Tuesday, March 3rd. Weiss Ratings cut shares of Dave from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, January 26th. Finally, B. Riley Financial raised their price objective on shares of Dave from $297.00 to $303.00 and gave the company a "buy" rating in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Dave has a consensus rating of "Moderate Buy" and an average target price of $312.13.

Insider Transactions at Dave

In other news, Director Imran Khan sold 1,146 shares of Dave stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $204.00, for a total value of $233,784.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 97,771 shares of company stock valued at $19,194,391. 28.48% of the stock is owned by company insiders.

Dave Trading Down 0.4%

Shares of NASDAQ DAVE opened at $217.33 on Friday. The stock has a market cap of $2.93 billion, a P/E ratio of 16.10 and a beta of 3.86. The business's fifty day simple moving average is $193.29 and its 200-day simple moving average is $206.94. Dave Inc. has a 12-month low of $65.46 and a 12-month high of $286.45.

Dave announced that its Board of Directors has authorized a stock buyback plan on Monday, March 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the fintech company to reacquire up to 11.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Dave Profile

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave's offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.

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