Zacks Research Upgrades Dave (NASDAQ:DAVE) to Hold

Dave (NASDAQ:DAVE) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on DAVE. Wall Street Zen cut Dave from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Citizens Jmp boosted their price objective on Dave from $280.00 to $300.00 and gave the company a “mkt outperform” rating in a research note on Friday, September 26th. Citigroup restated an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. JMP Securities boosted their price objective on Dave from $280.00 to $300.00 and gave the company a “market outperform” rating in a research note on Friday, September 26th. Finally, Benchmark restated a “buy” rating and issued a $320.00 price objective on shares of Dave in a research note on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $274.13.

Dave Trading Up 5.0%

NASDAQ DAVE opened at $226.40 on Monday. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 59.89 and a beta of 3.88. Dave has a one year low of $37.44 and a one year high of $286.45. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51. The business’s fifty day moving average is $210.06 and its 200-day moving average is $190.25.

Dave announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 13th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the fintech company to purchase up to 5.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Jason Wilk sold 81,693 shares of the company’s stock in a transaction dated 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 sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Yadin Rozov sold 4,726 shares of the company’s stock in a transaction dated 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 sale, the director owned 75,197 shares in the company, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 226,943 shares of company stock worth $50,301,987 over the last ninety days. Company insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Calamos Advisors LLC grew its holdings in shares of Dave by 47.1% during the third quarter. Calamos Advisors LLC now owns 37,067 shares of the fintech company’s stock worth $7,389,000 after purchasing an additional 11,861 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Dave by 7.4% during the third quarter. Diversified Trust Co now owns 2,736 shares of the fintech company’s stock worth $545,000 after purchasing an additional 188 shares in the last quarter. Optivise Advisory Services LLC purchased a new position in shares of Dave during the third quarter worth about $229,000. Harbor Capital Advisors Inc. purchased a new position in shares of Dave during the third quarter worth about $504,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Dave during the third quarter worth about $47,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.

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.