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

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

Other research analysts have also issued reports about the company. JMP Securities upped their price target on Dave from $280.00 to $300.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. JPMorgan Chase & Co. set a $300.00 price target on Dave in a research report on Friday, September 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of Dave in a research report on Wednesday, October 8th. Barrington Research reissued an “outperform” rating and set a $290.00 price target on shares of Dave in a research report on Monday, August 18th. Finally, Canaccord Genuity Group upped their price target on Dave from $179.00 to $229.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $274.13.

Dave Stock Up 5.0%

NASDAQ:DAVE opened at $226.40 on Monday. The firm 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 1-year low of $37.44 and a 1-year 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 fifty day moving average price is $210.06 and its 200 day moving average price is $190.25.

Dave declared that its Board of Directors has authorized a stock repurchase program on Wednesday, August 13th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the fintech company to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Dave 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 value of $18,812,264.04. Following the transaction, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at $50,167,419.12. This represents a 27.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Imran Khan sold 39,534 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $223.13, for a total value of $8,821,221.42. Following the transaction, the director directly owned 79,110 shares in the company, valued at approximately $17,651,814.30. This represents a 33.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 226,943 shares of company stock valued at $50,301,987 in the last three months. Insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Great Lakes Advisors LLC acquired a new position in shares of Dave during the 1st quarter valued at about $3,487,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Dave during the 2nd quarter valued at about $591,000. Harbour Capital Advisors LLC acquired a new position in shares of Dave during the 2nd quarter valued at about $621,000. Pallas Capital Advisors LLC acquired a new position in shares of Dave during the 2nd quarter valued at about $227,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Dave during the 2nd quarter valued at about $656,000. Institutional investors and hedge funds own 18.01% of the company’s stock.

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.