Leavell Investment Management Inc. Acquires 200 Shares of Dave Inc. $DAVE

Leavell Investment Management Inc. raised its holdings in Dave Inc. (NASDAQ:DAVE) by 4.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,510 shares of the fintech company’s stock after purchasing an additional 200 shares during the quarter. Leavell Investment Management Inc.’s holdings in Dave were worth $1,211,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DAVE. Catalyst Capital Advisors LLC bought a new stake in shares of Dave during the 2nd quarter worth $141,000. Kingswood Wealth Advisors LLC acquired a new position in Dave during the second quarter worth about $208,000. Pallas Capital Advisors LLC bought a new position in shares of Dave in the second quarter worth about $227,000. Silver Oak Wealth Advisors Services LLC bought a new position in shares of Dave in the second quarter worth about $501,000. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Dave by 11.8% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,900 shares of the fintech company’s stock valued at $510,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 18.01% of the company’s stock.

Wall Street Analyst Weigh In

DAVE has been the subject of several research reports. Barrington Research reissued an “outperform” rating and issued a $290.00 price objective on shares of Dave in a research note on Monday, August 18th. JPMorgan Chase & Co. set a $300.00 price target on Dave in a research note on Friday, September 26th. Benchmark reissued a “buy” rating and set a $320.00 price objective on shares of Dave in a report on Wednesday, October 1st. Zacks Research raised Dave from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Finally, JMP Securities increased their target price on Dave from $280.00 to $300.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $274.13.

Insiders Place Their Bets

In other news, Director Yadin Rozov sold 14,660 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $199.54, for a total transaction of $2,925,256.40. Following the completion of the transaction, the director directly owned 79,923 shares in the company, valued at $15,947,835.42. This trade represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason Wilk sold 81,693 shares of Dave 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. This represents a 27.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 226,943 shares of company stock valued at $50,301,987. 28.48% of the stock is currently owned by company insiders.

Dave Price Performance

Shares of NASDAQ:DAVE opened at $248.67 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 9.51 and a current ratio of 9.51. Dave Inc. has a 52 week low of $37.44 and a 52 week high of $286.45. The firm has a market cap of $3.36 billion, a PE ratio of 65.79 and a beta of 3.88. The firm’s fifty day moving average is $212.16 and its 200-day moving average is $195.19.

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

Dave 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.