Dave (NASDAQ:DAVE) Upgraded to Strong-Buy at Freedom Capital

Dave (NASDAQ:DAVE) was upgraded by investment analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a report released on Friday, Zacks reports.

A number of other research firms have also weighed in on DAVE. JPMorgan Chase & Co. decreased their price target on Dave from $480.00 to $435.00 and set an “overweight” rating for the company in a research report on Thursday, November 5th. Citigroup reissued an “outperform” rating on shares of Dave in a research report on Thursday, August 6th. Monness Crespi & Hardt assumed coverage on shares of Dave in a research note on Monday, October 26th. They issued a “neutral” rating for the company. B. Riley Financial lifted their price objective on shares of Dave from $370.00 to $449.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Piper Sandler assumed coverage on shares of Dave in a research note on Monday, August 17th. They set an “overweight” rating and a $390.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Dave has a consensus rating of “Moderate Buy” and an average target price of $420.29.

Dave Price Performance

Shares of DAVE traded up $9.67 during trading hours on Friday, hitting $277.04. 281,770 shares of the company were exchanged, compared to its average volume of 396,899. The company has a market capitalization of $3.54 billion, a PE ratio of 22.38 and a beta of 4.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.22 and a quick ratio of 4.22. The firm has a fifty day simple moving average of $338.77 and a 200-day simple moving average of $291.48. Dave has a one year low of $152.21 and a one year high of $458.25.

Dave (NASDAQ:DAVE) last announced its earnings results on Wednesday, November 4th. The fintech company reported $4.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.09 by $0.30. The company had revenue of $197.70 million for the quarter, compared to analyst estimates of $191.89 million. Dave had a return on equity of 59.86% and a net margin of 28.15%. As a group, sell-side analysts predict that Dave will post 13.37 earnings per share for the current year.

Institutional Investors Weigh In On Dave

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gratia Capital LLC acquired a new stake in shares of Dave during the 3rd quarter valued at $1,929,000. Empowered Funds LLC grew its holdings in shares of Dave by 3.6% during the 3rd quarter. Empowered Funds LLC now owns 109,483 shares of the fintech company’s stock valued at $35,200,000 after acquiring an additional 3,797 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Dave by 45.7% during the 3rd quarter. First Trust Advisors LP now owns 120,028 shares of the fintech company’s stock valued at $38,590,000 after acquiring an additional 37,664 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in shares of Dave during the 3rd quarter valued at $865,000. Finally, Ieq Capital LLC increased its stake in shares of Dave by 145.4% in the third quarter. Ieq Capital LLC now owns 67,620 shares of the fintech company’s stock worth $21,741,000 after acquiring an additional 40,064 shares during the last quarter. Hedge funds and other institutional investors own 18.01% of the company’s stock.

Top Dave Stories

These are some of the DAVE stories that stood out recently:

• Positive Sentiment: Freedom Broker upgraded Dave from “hold” to “buy” and set a $350 price target, about 26% above the cited share price. The upgrade may support investor optimism. Freedom Broker stock recommendations
• Negative Sentiment: Lowey Dannenberg said it is investigating Dave for potential violations of federal securities laws. The announcement could weigh on sentiment, but it is an investigation—not a finding of wrongdoing or a filed lawsuit. Investigation announcement

Dave Company Profile

Dave Inc. is a financial technology company that operates a mobile banking and personal finance platform in the United States. Its app is designed to help members manage everyday finances and access financial products through a digital interface. The company’s offerings include ExtraCash, a cash advance product, and Dave Checking, along with budgeting features and tools intended to help users monitor spending and avoid overdrafts. Dave also provides access to job opportunities through its Side Hustle feature.