Dave (NASDAQ:DAVE) CEO Sells $18,812,264.04 in Stock

Key Points

• Jason Wilk, CEO of Dave Inc., sold 81,693 shares of stock for a total value of approximately $18.8 million, resulting in a 27.27% decrease in his ownership position.
• Dave Inc.'s stock was up 1.7% trading at $242.56, with a market cap of $3.27 billion and a consensus target price among analysts of $262.17.
• The company's board approved a share buyback plan of $125 million, which is seen as a signal that the shares are considered undervalued by the management.

Dave Inc. (NASDAQ:DAVE - Get Free Report) CEO Jason Wilk sold 81,693 shares of the firm's stock in a transaction on Friday, September 19th. The stock was 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 of the company's stock, valued at approximately $50,167,419.12. This represents a 27.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Friday, September 12th, Jason Wilk sold 15,359 shares of Dave stock. The shares were sold at an average price of $230.01, for a total transaction of $3,532,723.59.
• On Monday, September 15th, Jason Wilk sold 2,948 shares of Dave stock. The shares were sold at an average price of $230.01, for a total transaction 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 Performance

DAVE traded down $3.42 on Tuesday, reaching $239.14. The stock had a trading volume of 87,001 shares, compared to its average volume of 503,861. Dave Inc. has a 12-month low of $37.44 and a 12-month high of $286.45. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. The business's 50-day moving average price is $209.52 and its two-hundred day moving average price is $172.21. The company has a market cap of $3.23 billion, a P/E ratio of 63.26 and a beta of 3.94.

Dave declared that its board has authorized a share 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 buy up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Trading of Dave

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

Wall Street Analysts Forecast Growth

DAVE has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Dave from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Canaccord Genuity Group boosted their price target on shares of Dave from $179.00 to $229.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Barrington Research reiterated an "outperform" rating and issued a $290.00 target price on shares of Dave in a report on Monday, August 18th. B. Riley boosted their target price on shares of Dave from $239.00 to $277.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Benchmark restated a "buy" rating and issued a $320.00 price objective on shares of Dave in a report on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $262.17.

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.