Penserra Capital Management LLC Makes New $3.22 Million Investment in Dave Inc. $DAVE

Penserra Capital Management LLC acquired a new stake in shares of Dave Inc. (NASDAQ:DAVE) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 12,002 shares of the fintech company’s stock, valued at approximately $3,221,000.

Several other hedge funds have also recently modified their holdings of DAVE. Nisa Investment Advisors LLC boosted its position in shares of Dave by 4,933.3% during the second 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. Catalyst Capital Advisors LLC bought a new position in shares of Dave during the 2nd quarter valued at about $141,000. Kingswood Wealth Advisors LLC bought a new position in shares of Dave during the 2nd quarter valued at about $208,000. Cornerstone Investment Partners LLC purchased a new position in shares of Dave during the second quarter valued at about $213,000. Finally, Pallas Capital Advisors LLC bought a new stake in shares of Dave in the second quarter worth about $227,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.

Dave Price Performance

NASDAQ:DAVE opened at $235.45 on Monday. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 23.33 and a beta of 3.89. The company has a debt-to-equity ratio of 0.26, a current ratio of 8.69 and a quick ratio of 8.69. The business has a 50 day simple moving average of $219.77 and a 200-day simple moving average of $206.92. Dave Inc. has a 1 year low of $45.61 and a 1 year high of $286.45.

Dave (NASDAQ:DAVE) last released its earnings results on Tuesday, November 4th. The fintech company reported $4.24 earnings per share for the quarter, beating the consensus estimate of $2.29 by $1.95. Dave had a return on equity of 65.86% and a net margin of 29.85%.The firm had revenue of $139.30 million for the quarter, compared to the consensus estimate of $153.09 million. Dave has set its FY 2025 guidance at EPS. Equities analysts forecast that Dave Inc. will post 1.07 EPS for the current year.

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

Analyst Upgrades and Downgrades

DAVE has been the subject of a number of research reports. Wall Street Zen raised Dave from a “hold” rating to a “buy” rating in a research note on Saturday. Citigroup reaffirmed an “outperform” rating on shares of Dave in a report on Wednesday. Lake Street Capital reiterated a “buy” rating and set a $308.00 target price on shares of Dave in a research report on Wednesday. Zacks Research raised shares of Dave from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Finally, Weiss Ratings raised shares of Dave from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Dave has a consensus rating of “Moderate Buy” and an average price target of $304.25.

Insider Buying and Selling at Dave

In related news, 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 completion of the transaction, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. The trade was a 27.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Imran Khan sold 39,534 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the transaction, the director owned 79,110 shares in the company, valued at $17,651,814.30. The trade was a 33.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 226,943 shares of company stock worth $50,301,987 over the last quarter. Insiders own 28.48% 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.