Dave (NASDAQ:DAVE) Given New $345.00 Price Target at Benchmark

Dave (NASDAQ:DAVE) had its target price upped by Benchmark from $320.00 to $345.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the fintech company’s stock. Benchmark’s price objective would suggest a potential upside of 45.22% from the stock’s current price.

Several other research firms also recently weighed in on DAVE. Citigroup reissued an “outperform” rating on shares of Dave in a research note on Wednesday. Canaccord Genuity Group increased their target price on Dave from $229.00 to $274.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Research raised Dave from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. JPMorgan Chase & Co. set a $300.00 price objective on Dave in a research note on Friday, September 26th. Finally, B. Riley lifted their target price on shares of Dave from $239.00 to $277.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $285.38.

Dave Stock Performance

Shares of DAVE opened at $237.57 on Wednesday. Dave has a 12-month low of $39.24 and a 12-month 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 company has a market cap of $3.21 billion, a PE ratio of 62.41 and a beta of 3.89. The stock has a 50-day moving average price of $218.50 and a 200-day moving average price of $203.73.

Dave (NASDAQ:DAVE) last released its quarterly earnings results on Tuesday, November 4th. The fintech company reported $6.34 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $4.09. The business had revenue of $150.80 million during the quarter, compared to analysts’ expectations of $133.50 million. Dave had a net margin of 12.74% and a return on equity of 33.02%. Dave has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Dave will post 1.07 earnings per share for the current fiscal year.

Dave announced that its Board of Directors has authorized a share repurchase 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 reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Dave news, Director Imran Khan sold 8,535 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $217.70, for a total transaction of $1,858,069.50. Following the completion of the transaction, the director owned 48,885 shares of the company’s stock, valued at approximately $10,642,264.50. This trade represents a 14.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 transaction of $18,812,264.04. Following the transaction, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. This trade represents a 27.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 226,943 shares of company stock worth $50,301,987 over the last three months. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

Several hedge funds and other institutional investors have recently bought and sold shares of DAVE. SBI Securities Co. Ltd. lifted its position in Dave by 44.6% during the third quarter. SBI Securities Co. Ltd. now owns 2,824 shares of the fintech company’s stock valued at $563,000 after purchasing an additional 871 shares during the period. Penserra Capital Management LLC raised its stake in Dave by 25.2% during the 3rd quarter. Penserra Capital Management LLC now owns 15,025 shares of the fintech company’s stock valued at $2,995,000 after buying an additional 3,023 shares during the last quarter. Allianz Asset Management GmbH bought a new position in shares of Dave during the 3rd quarter valued at $437,000. State of Wyoming boosted its stake in shares of Dave by 61.8% in the 3rd quarter. State of Wyoming now owns 927 shares of the fintech company’s stock worth $185,000 after buying an additional 354 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Dave by 22.7% in the third quarter. Principal Financial Group Inc. now owns 67,792 shares of the fintech company’s stock worth $13,514,000 after acquiring an additional 12,555 shares during the period. 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.