Dave (NASDAQ:DAVE) Rating Lowered to Hold at Wall Street Zen

Dave (NASDAQ:DAVE) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

DAVE has been the subject of several other research reports. Citigroup reiterated an “outperform” rating on shares of Dave in a research note on Monday. Canaccord Genuity Group increased their target price on shares of Dave from $130.00 to $179.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Benchmark reissued a “buy” rating and issued a $320.00 price target on shares of Dave in a research report on Monday, July 14th. JMP Securities set a $260.00 price target on shares of Dave and gave the company a “market outperform” rating in a research note on Monday, July 14th. Finally, Piper Sandler reiterated a “neutral” rating on shares of Dave in a research note on Tuesday, June 10th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Dave presently has an average rating of “Moderate Buy” and a consensus target price of $237.50.

Dave Trading Up 6.9%

Shares of Dave stock opened at $218.10 on Friday. The firm has a market cap of $2.91 billion, a PE ratio of 60.08 and a beta of 3.98. Dave has a 1 year low of $28.74 and a 1 year high of $286.45. The company has a debt-to-equity ratio of 0.38, a current ratio of 8.59 and a quick ratio of 8.59. The stock has a fifty day moving average price of $218.05 and a 200-day moving average price of $135.64.

Dave (NASDAQ:DAVE) last posted its quarterly earnings results on Thursday, May 8th. The fintech company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $0.82 by $1.15. Dave had a net margin of 13.75% and a return on equity of 34.85%. Equities research analysts anticipate that Dave will post 1.07 EPS for the current year.

Insider Activity

In other Dave news, Director Imran Khan sold 80,965 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $211.14, for a total value of $17,094,950.10. Following the transaction, the director directly owned 98,886 shares in the company, valued at $20,878,790.04. This represents a 45.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael W. Pope sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $215.82, for a total value of $3,237,300.00. Following the completion of the sale, the director directly owned 8,168 shares in the company, valued at approximately $1,762,817.76. The trade was a 64.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 294,960 shares of company stock valued at $62,575,325 in the last quarter. 28.48% of the stock is currently owned by company insiders.

Institutional Trading of Dave

A number of hedge funds have recently made changes to their positions in the stock. Pallas Capital Advisors LLC bought a new stake in Dave in the 2nd quarter worth approximately $227,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Dave during the second quarter worth approximately $591,000. Harbour Capital Advisors LLC bought a new stake in shares of Dave in the 2nd quarter worth approximately $621,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Dave in the 2nd quarter worth approximately $656,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Dave in the 2nd quarter valued at $2,870,000. 18.01% of the stock is owned by institutional investors.

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.