Dave (NASDAQ:DAVE) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Dave (NASDAQ:DAVE) from a hold rating to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

DAVE has been the subject of several other reports. Citigroup reiterated an “outperform” rating on shares of Dave in a research note on Wednesday, November 5th. Benchmark upped their target price on shares of Dave from $320.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen upgraded shares of Dave from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. JMP Securities set a $310.00 price target on shares of Dave in a research report on Wednesday, November 5th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $290.00 target price on shares of Dave in a research note on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Dave currently has a consensus rating of “Buy” and an average price target of $304.25.

Dave Trading Down 0.2%

NASDAQ:DAVE opened at $190.12 on Tuesday. The stock’s 50 day moving average price is $221.39 and its 200 day moving average price is $212.89. Dave has a 52 week low of $65.46 and a 52 week high of $286.45. The company has a market capitalization of $2.57 billion, a P/E ratio of 18.84 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.

Dave (NASDAQ:DAVE) last issued its quarterly earnings data on Tuesday, November 4th. The fintech company reported $4.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $1.95. Dave had a net margin of 29.85% and a return on equity of 65.86%. The firm had revenue of $150.73 million during the quarter, compared to analysts’ expectations of $153.09 million. Dave has set its FY 2025 guidance at EPS. On average, research analysts forecast that Dave will post 1.07 EPS for the current fiscal year.

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

Insider Activity

In related news, CEO Jason Wilk sold 81,693 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the transaction, the chief executive officer directly owned 217,854 shares in the company, valued at approximately $50,167,419.12. The trade was a 27.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Imran Khan sold 39,534 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the sale, the director owned 79,110 shares in the company, valued at $17,651,814.30. This trade represents a 33.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 226,943 shares of company stock worth $50,301,987 in the last 90 days. Corporate insiders own 28.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DAVE. Harvest Investment Services LLC lifted its stake in Dave by 102.1% in the 3rd quarter. Harvest Investment Services LLC now owns 12,111 shares of the fintech company’s stock valued at $2,414,000 after acquiring an additional 6,118 shares in the last quarter. Oberweis Asset Management Inc. grew its stake in shares of Dave by 87.6% during the 3rd quarter. Oberweis Asset Management Inc. now owns 45,622 shares of the fintech company’s stock worth $9,095,000 after acquiring an additional 21,300 shares in the last quarter. Castleark Management LLC acquired a new stake in shares of Dave in the third quarter valued at approximately $1,966,000. Connective Capital Management LLC bought a new stake in shares of Dave in the third quarter worth $559,000. Finally, Caxton Associates LLP bought a new stake in Dave during the 3rd quarter worth about $428,000. 18.01% of the stock is currently owned by institutional investors.

Dave Company Profile

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.