Imran Khan Sells 11,149 Shares of Dave (NASDAQ:DAVE) Stock

Key Points

• Imran Khan, a director at Dave Inc., recently sold $2,419,333 worth of stock, reducing his ownership stake by 18.57% to approximately 48,886 shares valued at $10,608,262.
• Dave Inc. has announced a stock buyback plan allowing for the repurchase of up to $125 million in shares, indicating the board's belief that the stock is undervalued.
• Analysts have mixed views on Dave's stock, with a consensus rating of "Moderate Buy" and an average price target of $262.17, which is above its current trading price of $218.69.

Dave Inc. (NASDAQ:DAVE - Get Free Report) Director Imran Khan sold 11,149 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $217.00, for a total transaction of $2,419,333.00. Following the transaction, the director directly owned 48,886 shares of the company's stock, valued at approximately $10,608,262. This trade represents a 18.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Imran Khan also recently made the following trade(s):

• On Tuesday, September 16th, Imran Khan sold 11,366 shares of Dave stock. The stock was sold at an average price of $210.54, for a total transaction of $2,392,997.64.
• On Monday, September 15th, Imran Khan sold 39,534 shares of Dave stock. The stock was sold at an average price of $223.13, for a total transaction of $8,821,221.42.
• On Tuesday, September 16th, Imran Khan sold 29,416 shares of Dave stock. The stock was sold at an average price of $213.40, for a total transaction of $6,277,374.40.
• On Wednesday, September 17th, Imran Khan sold 8,535 shares of Dave stock. The stock was sold at an average price of $217.70, for a total transaction of $1,858,069.50.

Dave Price Performance

Shares of DAVE traded up $10.74 during mid-day trading on Friday, reaching $238.54. 1,104,883 shares of the company's stock were exchanged, compared to its average volume of 368,327. 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 company has a 50-day simple moving average of $208.95 and a two-hundred day simple moving average of $170.10. Dave Inc. has a 52-week low of $37.44 and a 52-week high of $286.45. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 63.11 and a beta of 3.93.

Dave declared that its Board of Directors has authorized a share buyback program on Wednesday, August 13th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the fintech company to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. WealthCollab LLC acquired a new position in shares of Dave during the second quarter worth about $30,000. Nisa Investment Advisors LLC lifted its holdings in Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company's stock worth $41,000 after buying an additional 148 shares in the last quarter. KBC Group NV acquired a new position in Dave in the 2nd quarter worth $85,000. Catalyst Capital Advisors LLC acquired a new position in Dave in the 2nd quarter worth $141,000. Finally, Kingswood Wealth Advisors LLC acquired a new position in Dave in the 2nd quarter worth $208,000. Institutional investors and hedge funds own 18.01% of the company's stock.

Wall Street Analyst Weigh In

DAVE has been the topic of a number of analyst reports. B. Riley raised their target price on shares of Dave from $239.00 to $277.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Citigroup restated an "outperform" rating on shares of Dave in a research report on Thursday, August 7th. Barrington Research restated an "outperform" rating and set a $290.00 target price on shares of Dave in a research report on Monday, August 18th. Wall Street Zen lowered shares of Dave from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Piper Sandler restated a "neutral" rating on shares of Dave in a research report on Tuesday, June 10th. Eight 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 a consensus rating of "Moderate Buy" and an average price target of $262.17.

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.