Dave (NASDAQ:DAVE) Trading 11% Higher – Should You Buy?

Dave Inc. (NASDAQ:DAVE)’s share price was up 11% during mid-day trading on Thursday . The stock traded as high as $190.71 and last traded at $191.34. Approximately 585,375 shares changed hands during trading, an increase of 16% from the average daily volume of 506,000 shares. The stock had previously closed at $172.41.

Analyst Ratings Changes

A number of research firms have recently issued reports on DAVE. Citizens Jmp set a $310.00 target price on Dave in a report on Wednesday, November 5th. William Blair assumed coverage on shares of Dave in a report on Monday, February 9th. They set an “outperform” rating for the company. Benchmark reissued a “buy” rating on shares of Dave in a research report on Tuesday, January 13th. B. Riley Financial reaffirmed a “buy” rating and set a $297.00 price target (up from $277.00) on shares of Dave in a research note on Wednesday, November 5th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Dave in a research note on Monday, February 9th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Dave has a consensus rating of “Moderate Buy” and an average target price of $303.43.

Dave Stock Up 11.6%

The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 19.06 and a beta of 3.89. The company has a debt-to-equity ratio of 0.26, a quick ratio of 8.69 and a current ratio of 8.69. The business’s 50 day moving average is $195.46 and its 200 day moving average is $206.43.

Insider Buying and Selling at Dave

In other news, Director Imran Khan sold 33,270 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $199.34, for a total value of $6,632,041.80. Following the completion of the transaction, the director owned 2,110 shares in the company, valued at approximately $420,607.40. This represents a 94.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason Wilk sold 7,393 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $203.77, for a total value of $1,506,471.61. Following the completion of the transaction, the chief executive officer directly owned 210,461 shares in the company, valued at $42,885,637.97. The trade was a 3.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 105,164 shares of company stock worth $20,700,863 over the last three months. Company insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

Hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in Dave by 4,933.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock worth $41,000 after acquiring an additional 148 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Dave during the 2nd quarter worth approximately $1,399,000. Teacher Retirement System of Texas bought a new position in shares of Dave in the 2nd quarter valued at about $377,000. Sigma Planning Corp acquired a new position in Dave during the second quarter worth approximately $425,000. Finally, Bank of New York Mellon Corp raised its stake in Dave by 29.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 34,992 shares of the fintech company’s stock valued at $9,392,000 after acquiring an additional 7,893 shares during the period. Institutional investors own 18.01% of the company’s stock.

About Dave

Dave, Inc is a Los Angeles–based financial technology company founded in 2016 by Jason Wilk and John Wolanin. The company offers a subscription-based mobile app designed to help consumers avoid overdraft fees, manage their budgets and track expenses. Through its platform, members receive low-balance alerts, expense categorization and cash-advance capabilities tied to upcoming deposits.

At the core of Dave’s offering is fee-free overdraft protection: eligible users can request small, interest-free advances up to a preset limit, typically repaid on their next paycheck or deposit.