Benchmark Reaffirms Buy Rating for Dave (NASDAQ:DAVE)

Benchmark restated their buy rating on shares of Dave (NASDAQ:DAVE) in a research report released on Wednesday, Marketbeat Ratings reports. Benchmark currently has a $320.00 price target on the fintech company’s stock.

A number of other analysts have also recently weighed in on DAVE. Barrington Research reissued an “outperform” rating and set a $290.00 price objective on shares of Dave in a report on Monday, August 18th. Wall Street Zen cut shares of Dave from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Citizens Jmp lifted their target price on shares of Dave from $280.00 to $300.00 and gave the company a “mkt outperform” rating in a report on Friday, September 26th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dave in a report on Tuesday, June 10th. Finally, JMP Securities lifted their target price on shares of Dave from $280.00 to $300.00 and gave the company a “market outperform” rating in a report on Friday, September 26th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.13.

Dave Stock Down 0.4%

DAVE stock opened at $203.43 on Wednesday. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. Dave has a twelve month low of $37.44 and a twelve month high of $286.45. The company’s 50 day moving average is $211.18 and its two-hundred day moving average is $178.93. The stock has a market cap of $2.75 billion, a P/E ratio of 53.82 and a beta of 3.88.

Dave declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 13th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the fintech company to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Dave news, Director Yadin Rozov sold 14,660 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $199.54, for a total value of $2,925,256.40. Following the transaction, the director directly owned 79,923 shares of the company’s stock, valued at approximately $15,947,835.42. The trade was a 15.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of the business’s stock in a transaction on Friday, September 19th. The shares were 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 in the company, valued at $50,167,419.12. This represents a 27.27% decrease in their ownership of the stock. 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 ninety days. 28.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dave

Several institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. increased its stake 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 during the period. JPMorgan Chase & Co. increased its stake 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 during the period. State Board of Administration of Florida Retirement System increased its stake in Dave by 3.2% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 2,931 shares of the fintech company’s stock valued at $787,000 after buying an additional 91 shares during the period. WealthCollab LLC acquired a new position in Dave in the 2nd quarter valued at $30,000. Finally, Nisa Investment Advisors LLC increased its stake in Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after buying an additional 148 shares during the period. 18.01% of the stock is owned by institutional investors and hedge funds.

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.