Dave (NASDAQ:DAVE) Hits New 52-Week High – Time to Buy?

Shares of Dave Inc (NASDAQ:DAVE) reached a new 52-week high during trading on Friday . The company traded as high as $221.94 and last traded at $218.87, with a volume of 135779 shares traded. The stock had previously closed at $209.17.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Lake Street Capital increased their price objective on shares of Dave from $118.00 to $177.00 and gave the company a “buy” rating in a report on Friday, May 9th. Wall Street Zen upgraded Dave from a “sell” rating to a “hold” rating in a research report on Monday, May 12th. Canaccord Genuity Group lifted their price target on Dave from $130.00 to $179.00 and gave the company a “buy” rating in a research report on Friday, May 9th. B. Riley upped their price objective on Dave from $206.00 to $239.00 and gave the company a “buy” rating in a report on Tuesday, May 27th. Finally, JMP Securities raised their target price on Dave from $125.00 to $200.00 and gave the company a “market outperform” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Dave has an average rating of “Buy” and a consensus price target of $189.00.

Dave Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 6.81 and a quick ratio of 6.81. The stock’s 50 day moving average price is $134.52 and its two-hundred day moving average price is $107.03. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 70.78 and a beta of 3.93.

Dave (NASDAQ:DAVE) last announced its earnings results on Thursday, May 8th. The fintech company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $0.82 by $1.15. Dave had a return on equity of 17.16% and a net margin of 12.92%. On average, equities research analysts anticipate that Dave Inc will post 1.07 EPS for the current year.

Dave declared that its Board of Directors has initiated a share buyback program on Monday, March 10th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the fintech company to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Dave

In related news, Director Yadin Rozov sold 5,500 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $206.94, for a total transaction of $1,138,170.00. Following the transaction, the director now directly owns 95,678 shares in the company, valued at $19,799,605.32. The trade was a 5.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 28.48% of the company’s stock.

Institutional Investors Weigh In On Dave

An institutional investor recently bought a new position in Dave stock. Great Lakes Advisors LLC acquired a new position in shares of Dave Inc (NASDAQ:DAVE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 42,179 shares of the fintech company’s stock, valued at approximately $3,487,000. Great Lakes Advisors LLC owned 0.33% of Dave as of its most recent filing with the Securities and Exchange Commission. 18.01% of the stock is owned by institutional investors.

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.