Dave (NASDAQ:DAVE) CEO Sells $3,532,723.59 in Stock

Key Points

• Dave Inc. CEO Jason Wilk sold 15,359 shares at an average price of $230.01, totaling over $3.5 million, representing a 6.59% decrease in his ownership.
• The company has initiated a $125 million share buyback program, indicating the board's belief that the stock is undervalued.
• Analysts show a generally positive outlook with a consensus rating of "Moderate Buy" and a target price of $262.17 for the stock.

Dave Inc. (NASDAQ:DAVE - Get Free Report) CEO Jason Wilk sold 15,359 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $230.01, for a total value of $3,532,723.59. Following the transaction, the chief executive officer directly owned 217,854 shares of the company's stock, valued at approximately $50,108,598.54. This trade represents a 6.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Jason Wilk also recently made the following trade(s):

• On Monday, September 15th, Jason Wilk sold 2,948 shares of Dave stock. The stock was sold at an average price of $230.01, for a total value of $678,069.48.
• On Thursday, September 4th, Jason Wilk sold 7,557 shares of Dave stock. The shares were sold at an average price of $199.40, for a total transaction of $1,506,865.80.

Dave Stock Up 4.7%

Shares of NASDAQ:DAVE traded up $10.74 during midday trading on Friday, hitting $238.54. The stock had a trading volume of 1,104,883 shares, compared to its average volume of 368,327. Dave Inc. has a 12 month low of $37.44 and a 12 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 business's 50-day simple moving average is $208.95 and its 200-day simple moving average is $170.10. The company has a market cap of $3.22 billion, a P/E ratio of 63.11 and a beta of 3.93.

Dave declared that its board has authorized a stock repurchase plan on Wednesday, August 13th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on DAVE shares. JMP Securities set a $280.00 target price on shares of Dave and gave the company a "market outperform" rating in a research note on Thursday, August 7th. 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 note on Tuesday, June 10th. 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. Finally, Benchmark restated a "buy" rating and issued a $320.00 price target on shares of Dave in a research note on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $262.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. grew its holdings in Dave by 3.2% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,953 shares of the fintech company's stock valued at $524,000 after buying an additional 60 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Dave by 0.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company's stock valued at $2,412,000 after buying an additional 65 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Dave by 3.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 2,931 shares of the fintech company's stock worth $787,000 after purchasing an additional 91 shares in the last quarter. WealthCollab LLC acquired a new stake in shares of Dave during the 2nd quarter worth $30,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock worth $41,000 after purchasing an additional 148 shares in the last quarter. 18.01% of the stock is owned by institutional investors and hedge funds.

Dave Company 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.