KLP Kapitalforvaltning AS Acquires 200 Shares of Dave Inc. $DAVE

KLP Kapitalforvaltning AS raised its holdings in shares of Dave Inc. (NASDAQ:DAVE) by 11.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,900 shares of the fintech company’s stock after acquiring an additional 200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Dave were worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in shares of Dave in the second quarter worth $227,000. Baader Bank Aktiengesellschaft bought a new position in shares of Dave in the second quarter worth $591,000. Harbour Capital Advisors LLC bought a new position in shares of Dave in the second quarter worth $621,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Dave in the second quarter worth $656,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of Dave in the second quarter worth $2,870,000. Institutional investors own 18.01% of the company’s stock.

Insider Activity

In other news, Director Yadin Rozov sold 14,660 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were 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 of the company’s stock, valued at approximately $15,947,835.42. This represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Imran Khan sold 39,534 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $223.13, for a total transaction of $8,821,221.42. Following the completion of the transaction, the director directly owned 79,110 shares of the company’s stock, valued at approximately $17,651,814.30. The trade was a 33.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 226,943 shares of company stock valued at $50,301,987. Insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

DAVE has been the topic of several research analyst reports. Citizens Jmp upped their price target on shares of Dave from $280.00 to $300.00 and gave the stock a “mkt outperform” rating in a report on Friday, September 26th. Wall Street Zen lowered shares of Dave from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Barrington Research reiterated an “outperform” rating and issued a $290.00 target price on shares of Dave in a research report on Monday, August 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dave in a research report on Wednesday, October 8th. Finally, B. Riley upped their price target on shares of Dave from $239.00 to $277.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.13.

Dave Stock Performance

Shares of NASDAQ:DAVE opened at $206.36 on Friday. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 54.59 and a beta of 3.88. The company has a 50-day moving average price of $208.64 and a 200-day moving average price of $187.64. The company has a current ratio of 9.51, a quick ratio of 9.51 and a debt-to-equity ratio of 0.35. Dave Inc. has a 12 month low of $37.44 and a 12 month high of $286.45.

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

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.