Dave (NASDAQ:DAVE) Earns “Outperform” Rating from Barrington Research

Barrington Research reaffirmed their outperform rating on shares of Dave (NASDAQ:DAVE) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $290.00 price objective on the fintech company’s stock.

DAVE has been the topic of a number of other reports. JMP Securities set a $280.00 target price on Dave and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Canaccord Genuity Group lifted their target price on Dave from $179.00 to $229.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Piper Sandler reaffirmed a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Finally, Benchmark reaffirmed a “buy” rating and set a $320.00 target price on shares of Dave in a research report on Monday, July 14th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $262.17.

Dave Stock Down 0.9%

Shares of NASDAQ DAVE opened at $188.25 on Monday. Dave has a 1 year low of $31.75 and a 1 year high of $286.45. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 49.80 and a beta of 3.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. The stock’s 50-day simple moving average is $220.53 and its 200-day simple moving average is $154.95.

Dave announced that its board has authorized a stock repurchase program on Wednesday, August 13th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the fintech company to buy up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Dave

In related news, Director Imran Khan sold 80,965 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $211.14, for a total transaction of $17,094,950.10. Following the sale, the director owned 98,886 shares in the company, valued at $20,878,790.04. This represents a 45.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael W. Pope sold 1,793 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $209.82, for a total transaction of $376,207.26. Following the sale, the director owned 6,375 shares in the company, valued at approximately $1,337,602.50. This trade represents a 21.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 294,960 shares of company stock worth $62,575,325 in the last ninety days. Insiders own 28.48% of the company’s stock.

Institutional Investors Weigh In On Dave

Several institutional investors and hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. raised its stake in Dave by 3.2% during the second quarter. SBI Securities Co. Ltd. now owns 1,953 shares of the fintech company’s stock worth $524,000 after acquiring an additional 60 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Dave by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 8,986 shares of the fintech company’s stock valued at $2,412,000 after purchasing an additional 65 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Dave by 3.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 2,931 shares of the fintech company’s stock valued at $787,000 after purchasing an additional 91 shares during the period. WealthCollab LLC acquired a new stake in shares of Dave in the second quarter valued at approximately $30,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Dave by 4,933.3% in the second quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock valued at $41,000 after purchasing an additional 148 shares during the period. Institutional investors and hedge funds 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.