Royal Bank of Canada Has $1.84 Million Stock Position in Dave Inc. $DAVE

Key Points

• Royal Bank of Canada increased its Dave stake by 182.8% in the first quarter to 10,590 shares valued at approximately $1.84 million. Institutional investors and hedge funds collectively own 18.01% of the company.
• Analyst sentiment remains favorable, with 12 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $410.82. Benchmark and UBS raised their targets to $475 and $470, respectively.
• Dave shares opened at $333.14, down 2.4%, after the company reported quarterly EPS of $0.49—well below the $3.44 consensus—while revenue of $170.79 million was roughly in line with estimates.

Royal Bank of Canada grew its position in Dave Inc. (NASDAQ:DAVE - Free Report) by 182.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,590 shares of the fintech company's stock after acquiring an additional 6,845 shares during the quarter. Royal Bank of Canada owned 0.08% of Dave worth $1,844,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in shares of Dave by 819.3% during the third quarter. Ameriprise Financial Inc. now owns 209,008 shares of the fintech company's stock valued at $41,666,000 after purchasing an additional 186,273 shares during the period. Jefferies Financial Group Inc. bought a new position in Dave in the fourth quarter worth $27,874,000. Wellington Management Group LLP boosted its stake in Dave by 200.7% during the third quarter. Wellington Management Group LLP now owns 177,103 shares of the fintech company's stock worth $35,305,000 after buying an additional 118,203 shares in the last quarter. Estuary Capital Management LP acquired a new stake in Dave during the first quarter worth $20,556,000. Finally, Renaissance Technologies LLC increased its holdings in Dave by 29.2% in the 4th quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company's stock valued at $110,506,000 after buying an additional 112,700 shares during the period. Institutional investors and hedge funds own 18.01% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on DAVE. Citigroup reaffirmed an "outperform" rating on shares of Dave in a report on Thursday, August 6th. Benchmark upped their target price on shares of Dave from $345.00 to $475.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. UBS Group increased their price target on shares of Dave from $300.00 to $470.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Zacks Research cut shares of Dave from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Finally, Weiss Ratings downgraded Dave from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned 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 $410.82.

Dave Stock Down 2.4%

NASDAQ DAVE opened at $333.14 on Wednesday. The firm has a market cap of $4.25 billion, a PE ratio of 21.60 and a beta of 3.83. Dave Inc. has a one year low of $152.21 and a one year high of $458.25. The stock's 50 day simple moving average is $364.74 and its 200 day simple moving average is $268.55. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.22 and a quick ratio of 4.22.

Dave (NASDAQ:DAVE - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The fintech company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $3.44 by ($2.95). The business had revenue of $170.79 million for the quarter, compared to analyst estimates of $171.11 million. Dave had a net margin of 34.58% and a return on equity of 77.46%. Dave has set its FY 2026 guidance at 17.000-17.500 EPS. As a group, sell-side analysts forecast that Dave Inc. will post 13.89 earnings per share for the current fiscal year.

Insider Transactions at Dave

In related news, Director Dan Preston sold 275 shares of Dave stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $247.65, for a total value of $68,103.75. Following the completion of the transaction, the director directly owned 5,466 shares of the company's stock, valued at $1,353,654.90. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jason Wilk sold 8,474 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $275.05, for a total transaction of $2,330,773.70. Following the transaction, the chief executive officer owned 299,950 shares in the company, valued at approximately $82,501,247.50. This trade represents a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 23.59% of the company's stock.

About Dave

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.

Want to see what other hedge funds are holding DAVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dave Inc. (NASDAQ:DAVE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source