Dave (NASDAQ:DAVE) Shares Gap Down After Earnings Miss

Dave Inc. (NASDAQ:DAVE) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $430.16, but opened at $385.97. Dave shares last traded at $373.7770, with a volume of 265,587 shares trading hands.

The fintech company reported $0.49 EPS for the quarter, missing the consensus estimate of $3.44 by ($2.95). Dave had a net margin of 37.22% and a return on equity of 77.70%. The company had revenue of $170.79 million for the quarter, compared to analysts’ expectations of $171.11 million. Dave has set its FY 2026 guidance at 17.000-17.500 EPS.

Key Headlines Impacting Dave

Here are the key news stories impacting Dave this week:

• Positive Sentiment: Analysts raised price targets and maintained bullish ratings. Keefe, Bruyette & Woods increased its target from $485 to $490 and assigned an “outperform” rating. Citizens JMP raised its target from $450 to $475 and reiterated “market outperform,” implying substantial upside from recent trading levels. Benzinga analyst price-target reports
• Positive Sentiment: Dave raised its 2026 financial guidance. The company now expects adjusted earnings per share of $17.00–$17.50, above the $16.36 consensus estimate, and revenue of $725 million–$735 million, compared with the $714.7 million consensus. Dave Reports Second Quarter 2026 Financial Results
• Positive Sentiment: Underlying operating trends were strong. Second-quarter revenue grew 30% year over year to $170.8 million, adjusted EBITDA rose 48% to $75.5 million, ExtraCash originations increased 27% to $2.3 billion, and the 28-day delinquency rate improved to 2.12%. Dave Q2 financial results
• Neutral Sentiment: Reported earnings figures are mixed across sources. One report cited quarterly EPS of $0.49, well below expectations, while Zacks reported $4.12 per share versus a $3.69 consensus. Dave said net income included $36.9 million of non-cash warrant and earnout remeasurement charges, which may have distorted headline results. Dave tops Q2 earnings and revenue estimates
• Negative Sentiment: The headline EPS miss may be weighing on the stock. MarketBeat reported EPS of $0.49 versus a $3.44 consensus, while revenue was essentially in line with estimates at $170.8 million versus $171.1 million. The conflicting earnings data and elevated valuation may be prompting profit-taking despite stronger adjusted metrics and guidance.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group set a $450.00 price target on Dave in a research note on Thursday. Barrington Research increased their price objective on Dave from $290.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 12th. B. Riley Financial raised their price objective on shares of Dave from $370.00 to $449.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group lifted their target price on shares of Dave from $300.00 to $470.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, Freedom Capital raised shares of Dave to a “hold” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Dave presently has a consensus rating of “Moderate Buy” and a consensus target price of $401.10.

Insider Buying and Selling

In other Dave news, CEO Jason Wilk sold 8,474 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $275.05, for a total transaction of $2,330,773.70. Following the completion of the sale, the chief executive officer owned 299,950 shares of the company’s stock, valued at $82,501,247.50. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Preston sold 275 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $247.65, for a total value of $68,103.75. Following the transaction, the director owned 5,466 shares in the company, valued at approximately $1,353,654.90. This trade represents a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.59% of the stock is currently owned by company insiders.

Institutional Trading of Dave

Institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. raised its holdings in Dave by 819.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 209,008 shares of the fintech company’s stock worth $41,666,000 after acquiring an additional 186,273 shares during the period. Jefferies Financial Group Inc. bought a new stake in Dave during the fourth quarter valued at about $27,874,000. Wellington Management Group LLP boosted its holdings in Dave by 200.7% during the third quarter. Wellington Management Group LLP now owns 177,103 shares of the fintech company’s stock valued at $35,305,000 after acquiring an additional 118,203 shares during the period. Estuary Capital Management LP acquired a new stake in shares of Dave in the first quarter valued at about $20,556,000. Finally, Renaissance Technologies LLC grew its position in shares of Dave by 29.2% in the fourth quarter. Renaissance Technologies LLC now owns 499,100 shares of the fintech company’s stock valued at $110,506,000 after purchasing an additional 112,700 shares during the last quarter. 18.01% of the stock is currently owned by institutional investors and hedge funds.

Dave Stock Down 12.0%

The company has a debt-to-equity ratio of 0.95, a current ratio of 3.86 and a quick ratio of 3.86. The business has a 50 day moving average price of $353.90 and a 200 day moving average price of $259.45. The firm has a market capitalization of $4.81 billion, a P/E ratio of 24.21 and a beta of 3.83.

Dave Company Profile

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.