Wealth Enhancement Advisory Services LLC Makes New Investment in Dave Inc. $DAVE

Key Points

• Wealth Enhancement Advisory Services LLC has acquired a new position in Dave Inc., purchasing 2,327 shares valued at approximately $656,000 during the second quarter.
• Insider sales have occurred, with Director Yadin Rozov and Imran Khan selling significant shares, suggesting a combined decrease in ownership of around 20% for both directors.
• Analysts have set a generally positive outlook on Dave Inc., with an average target price of $274.13 and 8 analysts rating it as a Buy.

Wealth Enhancement Advisory Services LLC acquired a new position in Dave Inc. (NASDAQ:DAVE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,327 shares of the fintech company's stock, valued at approximately $656,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in DAVE. Baader Bank Aktiengesellschaft bought a new stake in Dave in the second quarter valued at about $591,000. Pallas Capital Advisors LLC acquired a new position in Dave during the second quarter valued at approximately $227,000. Finally, Great Lakes Advisors LLC acquired a new position in Dave during the first quarter valued at approximately $3,487,000. Institutional investors own 18.01% of the company's stock.

Insider Buying and Selling at Dave

In other news, Director Yadin Rozov sold 4,726 shares of the company's 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 owned 75,197 shares of the company's stock, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Imran Khan sold 8,535 shares of the company's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $217.70, for a total transaction of $1,858,069.50. Following the completion of the transaction, the director directly owned 48,885 shares in the company, valued at approximately $10,642,264.50. The trade was a 14.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,943 shares of company stock valued at $50,301,987 in the last 90 days. 28.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Dave in a research note on Saturday, September 27th. Citigroup restated an "outperform" rating on shares of Dave in a research note on Thursday, August 7th. B. Riley raised their target price on Dave from $239.00 to $277.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Barrington Research reissued an "outperform" rating and set a $290.00 price objective on shares of Dave in a report on Monday, August 18th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Dave in a report on Tuesday, June 10th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Dave has an average rating of "Moderate Buy" and an average target price of $274.13.

Dave Price Performance

Shares of NASDAQ DAVE opened at $203.43 on Friday. Dave Inc. has a twelve month low of $37.44 and a twelve month high of $286.45. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35. The stock's 50 day moving average price is $211.18 and its 200-day moving average price is $178.93. The company has a market capitalization of $2.75 billion, a PE ratio of 53.82 and a beta of 3.88.

Dave declared that its board has initiated a share buyback program on Wednesday, August 13th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

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.

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