Dave (NASDAQ:DAVE) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Dave (NASDAQ:DAVE) from a strong sell rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

DAVE has been the subject of a number of other reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dave in a report on Wednesday, October 8th. JPMorgan Chase & Co. set a $300.00 target price on shares of Dave in a report on Friday, September 26th. Wall Street Zen lowered shares of Dave from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Barrington Research reissued an “outperform” rating and issued a $290.00 target price on shares of Dave in a report on Monday, August 18th. Finally, Benchmark restated a “buy” rating and issued a $320.00 price target on shares of Dave in a research report on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $274.13.

Dave Trading Up 5.0%

Shares of DAVE opened at $226.40 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51. Dave has a 1 year low of $37.44 and a 1 year high of $286.45. The company has a 50 day simple moving average of $210.06 and a two-hundred day simple moving average of $190.25. The firm has a market cap of $3.06 billion, a P/E ratio of 59.89 and a beta of 3.88.

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

Insider Activity

In other news, Director Imran Khan sold 39,534 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the transaction, the director owned 79,110 shares in the company, valued at approximately $17,651,814.30. This trade represents a 33.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jason Wilk sold 81,693 shares of Dave stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the transaction, the chief executive officer owned 217,854 shares in the company, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 226,943 shares of company stock worth $50,301,987. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Voya Investment Management LLC grew its stake in shares of Dave by 5,603.0% during the third quarter. Voya Investment Management LLC now owns 144,285 shares of the fintech company’s stock worth $28,763,000 after acquiring an additional 141,755 shares during the last quarter. Invesco Ltd. grew its stake in shares of Dave by 2,379.9% during the second quarter. Invesco Ltd. now owns 97,485 shares of the fintech company’s stock worth $26,166,000 after acquiring an additional 93,554 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Dave by 14,074.9% during the second quarter. BNP Paribas Financial Markets now owns 84,766 shares of the fintech company’s stock worth $22,752,000 after acquiring an additional 84,168 shares during the last quarter. Mane Global Capital Management LP purchased a new stake in shares of Dave during the second quarter worth about $20,035,000. Finally, Azora Capital LP purchased a new stake in shares of Dave during the second quarter worth about $19,037,000. 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.