Robeco Institutional Asset Management B.V. Purchases Shares of 10,694 Dave Inc. $DAVE

Key Points

• Robeco Institutional Asset Management B.V. purchased 10,694 shares of Dave Inc., valued at approximately $2.87 million, acquiring 0.08% ownership of the company.
• Insider trading activity was notable, with Director Yadin Rozov selling 4,726 shares and CEO Jason Wilk selling 81,693 shares, reflecting significant reductions in their positions.
• Dave Inc. initiated a $125 million stock buyback program, signaling the board's belief that the stock is undervalued.

Robeco Institutional Asset Management B.V. acquired a new position in Dave Inc. (NASDAQ:DAVE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 10,694 shares of the fintech company's stock, valued at approximately $2,870,000. Robeco Institutional Asset Management B.V. owned 0.08% of Dave at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Great Lakes Advisors LLC purchased a new position in Dave during the first quarter valued at $3,487,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Dave in the second quarter valued at about $656,000. Harbour Capital Advisors LLC acquired a new stake in shares of Dave in the second quarter valued at about $621,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Dave in the second quarter valued at about $591,000. Finally, Pallas Capital Advisors LLC acquired a new stake in shares of Dave in the second quarter valued at about $227,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Dave

In related news, Director Yadin Rozov sold 4,726 shares of the stock in a transaction on Friday, September 12th. The shares were sold at an average price of $228.06, for a total value of $1,077,811.56. Following the transaction, the director directly owned 75,197 shares of the company's stock, valued at $17,149,427.82. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $230.28, for a total transaction of $18,812,264.04. Following the completion of the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at $50,167,419.12. This trade represents a 27.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 226,943 shares of company stock valued at $50,301,987. Insiders own 28.48% of the company's stock.

Dave Price Performance

Shares of DAVE opened at $200.28 on Tuesday. Dave Inc. has a fifty-two week low of $37.44 and a fifty-two week high of $286.45. The firm's 50 day moving average price is $210.93 and its 200 day moving average price is $181.01. The company has a market cap of $2.70 billion, a P/E ratio of 52.98 and a beta of 3.88. 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 declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 13th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DAVE. Benchmark reissued a "buy" rating and issued a $320.00 price target on shares of Dave in a research note on Wednesday, October 1st. Piper Sandler reissued a "neutral" rating on shares of Dave in a research note on Tuesday, June 10th. Weiss Ratings reissued a "hold (c+)" rating on shares of Dave in a research note on Saturday, September 27th. JMP Securities lifted their target price on shares of Dave from $280.00 to $300.00 and gave the stock a "market outperform" rating in a research note on Friday, September 26th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Dave in a research note on Tuesday, June 10th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Dave currently has a consensus rating of "Moderate Buy" and an average target price of $274.13.

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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