Dave (NASDAQ:DAVE) Given New $300.00 Price Target at Citizens Jmp

Dave (NASDAQ:DAVE) had its target price raised by Citizens Jmp from $280.00 to $300.00 in a report issued on Friday morning, Marketbeat reports. The firm currently has a mkt outperform rating on the fintech company’s stock.

Several other brokerages have also recently issued reports on DAVE. Citigroup reissued an “outperform” rating on shares of Dave in a research note on Thursday, August 7th. Piper Sandler reissued a “neutral” rating on shares of Dave in a research note on Tuesday, June 10th. Wall Street Zen cut Dave from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. JMP Securities increased their price objective on Dave from $280.00 to $300.00 and gave the stock a “market outperform” rating in a research note on Friday. Finally, Barrington Research reaffirmed an “outperform” rating and set a $290.00 target price on shares of Dave in a research report on Monday, August 18th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $270.43.

Dave Stock Down 2.3%

Shares of NASDAQ:DAVE opened at $218.10 on Friday. Dave has a 52-week low of $37.44 and a 52-week high of $286.45. The stock has a market cap of $2.94 billion, a P/E ratio of 57.70 and a beta of 3.93. The business’s 50 day moving average is $211.25 and its 200 day moving average is $174.87. The company has a quick ratio of 9.51, a current ratio of 9.51 and a debt-to-equity ratio of 0.35.

Dave announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 13th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the fintech company to buy up to 5.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Yadin Rozov sold 4,726 shares of the firm’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $228.06, for a total value of $1,077,811.56. Following the completion of the transaction, the director owned 75,197 shares in the company, valued at $17,149,427.82. This trade represents a 5.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jason Wilk sold 81,693 shares of the firm’s stock in a transaction 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 owned 217,854 shares of the company’s stock, valued at $50,167,419.12. This trade represents a 27.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 226,943 shares of company stock worth $50,301,987. Insiders own 28.48% of the company’s stock.

Hedge Funds Weigh In On Dave

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WealthCollab LLC purchased a new position in Dave in the 2nd quarter worth $30,000. Nisa Investment Advisors LLC boosted its holdings in Dave by 4,933.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 151 shares of the fintech company’s stock worth $41,000 after buying an additional 148 shares during the last quarter. KBC Group NV acquired a new stake in Dave in the 2nd quarter worth about $85,000. Catalyst Capital Advisors LLC acquired a new stake in Dave in the 2nd quarter worth about $141,000. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Dave in the 2nd quarter worth about $208,000. Hedge funds and other institutional investors own 18.01% of the company’s stock.

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.