Pallas Capital Advisors LLC Invests $227,000 in Dave Inc. $DAVE

Pallas Capital Advisors LLC acquired a new position in Dave Inc. (NASDAQ:DAVE) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 845 shares of the fintech company’s stock, valued at approximately $227,000.

Separately, Great Lakes Advisors LLC purchased a new position in Dave in the 1st quarter worth $3,487,000. 18.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Dave

In other news, CEO Jason Wilk sold 81,693 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $230.28, for a total value of $18,812,264.04. Following the completion of the sale, the chief executive officer directly owned 217,854 shares of the company’s stock, valued at approximately $50,167,419.12. This trade represents a 27.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Yadin Rozov sold 4,726 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $228.06, for a total transaction of $1,077,811.56. Following the completion of the sale, the director directly owned 75,197 shares of the company’s stock, valued at approximately $17,149,427.82. This represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 226,943 shares of company stock worth $50,301,987 over the last quarter. Corporate insiders own 28.48% of the company’s stock.

Dave Trading Up 1.7%

DAVE opened at $242.56 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 9.51 and a quick ratio of 9.51. Dave Inc. has a one year low of $37.44 and a one year high of $286.45. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 64.17 and a beta of 3.94. The business has a 50 day simple moving average of $209.52 and a two-hundred day simple moving average of $172.21.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on DAVE. B. Riley raised their price objective on Dave from $239.00 to $277.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Citigroup restated an “outperform” rating on shares of Dave in a report on Thursday, August 7th. BMO Capital Markets reiterated an “outperform” rating on shares of Dave in a research report on Tuesday, June 10th. Piper Sandler reiterated a “neutral” rating on shares of Dave in a research report on Tuesday, June 10th. Finally, Canaccord Genuity Group boosted their price objective on Dave from $179.00 to $229.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $262.17.

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.